General Motors reported a 15 percent drop in U.S. auto sales in the second quarter as supply chain problems continued to weigh on inventories.
The Detroit giant said it holds 95,000 partially built vehicles that require components, which it expects to deliver by the end of 2022.
For the quarter ended June 30, GM sold 582,401 cars, citing strong performance from pickup trucks, the Chevrolet Silverado and the GMC Sierra despite low inventories.
The automaker said the “pent-up demand” has driven sales growth of other vehicles, including the Chevrolet Camaro and Chevrolet Colorado.
GM reiterated its full-year earnings guidance, but its second-quarter net income range of $1.6 billion to $1.9 billion fell short of consensus estimates.
The auto industry has been plagued by supply chain problems for the past year, with a shortage of semiconductor chips particularly impacting.
Cox Automotive has forecast a 19.3 percent drop in US auto sales for the second quarter.
“Even though the economy has deteriorated in recent months, the lack of supply is still the biggest headwind for the auto industry,” said Charlie Chesbrough, Cox’s senior economist.
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