GM Beats Toyota In U.S. Q2 Sales As Supply Woes Linger

Reuters reported that General Motors Co. has eclipsed Toyota Motor Corp. in second-quarter US car sales, despite chronic semiconductor shortages and supply chain disruptions crimping manufacturers' capacity to meet pent-up demand.

Photo Insert: GM, which lost its sales lead in the United States to Toyota for the first time since 1931, said it sold 582,401 vehicles in the three months to June, a 15% decrease from the previous year.

GM, which lost its sales lead in the United States to Toyota for the first time since 1931, said it sold 582,401 vehicles in the three months to June, a 15% decrease from the previous year.

Toyota, one of the worst-affected automakers this year due to supply chain disruptions and China's COVID-19 lockdowns, sold 531,105 vehicles, a 22 percent decrease. The auto industry in the United States is straining to meet pent-up consumer demand for new vehicles.

This was obvious again on Friday, when GM announced that roughly 100,000 vehicles were waiting for new parts, forcing them to provide a dismal second-quarter earnings prediction.

"Second-quarter vehicle wholesale volumes were impacted by the ongoing semiconductor supply shortage and other supply chain disruptions mostly in June," GM stated. The Detroit carmaker, on the other hand, maintained its full-year profit forecast since it expects to sell those vehicles to dealers before the end of the year.

According to Refinitiv data, the business estimates second-quarter net income of $1.6 billion to $1.9 billion, which is lower than analysts' projections of $2.56 billion. In the first quarter, GM sold nearly 7,300 electric vehicles, including the GMC Hummer pickup truck, whose manufacturing will progressively increase in the second half.

According to Cox Automotive, the business is likely to sell the most recent vehicles in the quarter, as industry-wide disruptions squeeze inventory at other big automakers.

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