GM says delivery delays amid chip shortage won't impact earnings guidance
GM continued to grow its market shares over the three months to June thanks to pent-up demand for GM vehicles amid low inventories.
"GM's sales and market share have grown each of the last three quarters, even with lingering supply chain disruptions," said Steve Carlisle, GM executive vice president and president for North America.
However, supply chain disruptions, including the ongoing shortage of semiconductor supplies, meant that the delivery of approximately 95,000 vehicles to dealers would be delayed into the back half of 2022, the manufacturer said.
Even so, while revenues from the delayed deliveries would only be recognized once the vehicles were sold to dealers, GM did not expect those supply shortages to impact on its full-year guidance for earnings.
As of 1546 BST, shares of GM were trading 1% higher to $32.11.