General Motors sales fell in the third quarter due to chip shortages
Dealers General Motors Co. (G.M.) delivered 446,997 vehicles to the U.S. in the third quarter of 2021, down 218,195 units from a year ago, the company said in a press release today.
The reason is in semiconductor supply chain disruptions and historically low stocks of spare parts and manufactured cars.
In the previous second quarter, G.M. shipments grew strong: 39.7%, delivering 688,236 units.
However, the decline was evident with G.M. last month said the problems forced it to extend downtime at a number of its plants in the US, Canada, and Mexico.
General Motors’ shares fell 10.8% in the last quarter, but the previous month’s trend is positive + 7.55%, since the beginning of the year, they have increased by 26.6%.
The company expects its financial outlook to remain within the forecasted calendar year range specified earlier as the G.M. team develops solutions to mitigate the semiconductor shortage and the recall of the Chevrolet Bolt EV.
However, all of G.M.’s large pickup, SUV, and midsize pickup factories in North America are operational this week.
Steve Carlisle, executive vice president and president of G.M. North America, said, “The semiconductor supply disruptions that affected our wholesale and customer shipments in the third quarter are improving.”
J.D. Power PIN estimates that despite challenging conditions in the third quarter, G.M. maintained or increased its retail market share in key segments from a year ago.
G.M. continues to sell more full-size pickups than in any other automaker’s calendar year.
Sales of large pickup trucks were up 13%. Nearly seven in 10 SUV customers have purchased a Chevrolet Tahoe, Chevrolet Suburban, or GMC Yukon. Sales of Suburban (up 28%), Tahoe (up 5%), and Yukon (up 24%) were up from a year ago.
General Motors also recently announced plans to provide all of its U.S. facilities with 100% renewable energy by 2025 – five years earlier than previously reported and 25 years ahead of its original 2050 target, set in 2016. year.
A presentation from G.M. awaits investors next week on October 6. The company will reveal details of the launch of the electric Silverado E.V. and other vehicles, details of the FedEx (FDX) partnership, and the timing of the launch of the commercial robotic cruise service. Investors are also learning a lot more about G.M.’s efforts to monetize its SuperCruise autopilot technology and the commercial prospects for its fuel cell technology.
