GM Holds ~95,000 Vehicles Manufactured Without Certain Components - Here's Why - General Motors (NYSE:GM)

General Motors Co GM provided a business update for 2Q22 and said its vehicle wholesale volumes were impacted by the timing of certain semiconductor shipments and other supply chain disruptions.
The company said it had approximately 95 thousand vehicles in its inventory, manufactured mostly in June, without certain components.
GM expects to complete and sell those vehicles to dealers before 2022-end.
The auto giant expects Q2 net income of $1.6 billion - $1.9 billion and adjusted EBIT of $2.3 billion - $2.6 billion.
For FY22, GM reaffirmed its net income outlook of $9.6 billion - $11.2 billion and adjusted EBIT guidance of $13.0 billion - $15.0 billion.
The company continues to expect FY22 adjusted EPS of $6.50 - $7.50.
Q2 Sales: GM reported sales of 582,401 vehicles in the U.S. during Q2, down 15% year over year. Electric vehicle sales were over 7,300 units.
GM finished the month with 247,839 vehicles in dealer inventory, including units in-transit to dealers.
GM plans to gradually improve the production of the Cadillac LYRIQ and GMC HUMMER EV Pickup in the second half of 2022.
Also Read: Toyota Cuts July Production Citing Parts Shortage
Price Action: GM shares are trading lower by 0.09% at $31.73 on the last check Friday.
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