Chip shortage leaves GM with unfinished vehicles
The global shortage of computer chips and other parts forced General Motors to build 95,000 vehicles without certain components during the second quarter.
The Detroit automaker said in a regulatory filing Friday that most of the incomplete vehicles were built in June, and that it expects most of them to be finished and sold to dealers before the end of the year.
The unsold vehicles amounted to 16% of GM's total sales from April through June. The company said Friday that it sold more than 582,000 vehicles during the quarter, down more than 15% from a year ago.
The company reaffirmed its full-year net income guidance of $9.6 billion to $11.2 billion with pretax earnings of $13 billion to $15 billion. For the first time the company predicted that it would make $2.3