General Motors Outsells Toyota in Q2 of 2022

Automobile

General Motors Co, has surpassed Toyota Motor Corp in the second quarter US car sales, even as the chip shortages and supply chain disruptions have been affecting the ability of the automobile companies to meet continuously increasing demand.

General Motors, which lost its spot as the sales leader in the United States in 2021 for the first time since 1931 to Toyota, the company said, it sold 582,401 vehicles in the second quarter through June 2022, which is 15 percent lower than 2020.

Toyota, which has been one of the worst affected companies in 2022 from disruptions in supply chain and Covid-19 lockdowns of China, has sold 531,105 vehicles, decreased 22 percent.

The automobile industry of the United States is struggling to keep up with the growing consumer demand for the new cars. This was again evident when General Motors said it had around 100,000 vehicles waiting for some more parts, which forces General Motors to offer a weak profit forecast in the second-quarter.

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General Motors said the vehicle wholesale volumes in the second-quarter were impacted by the ongoing semiconductor supply shortage, and several other supply chain disruptions mostly in June 2022.

Although, the company has kept its full-year profit outlook, as General Motors is expecting to sell those vehicles to the dealers before the year ends. The company is expecting second-quarter net income of 1.6 billion dollars to 1.9 billion dollars.

Sandy

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