USA: GM outsells Toyota in second-quarter car sales
Toyota has been the worst-hit automaker this year, suffering heavily from supply chain disruptions and the lockdown in China.
General Motors managed to surpass Toyota Motor Corp in Q2 car sales in the USA. The American car brand reclaimed its crown after losing the top slot to Toyota last year, for the first time since 1931.
According to reports, Toyota has been the worst-hit automaker this year, suffering heavily from supply chain disruptions and the lockdown in China. The Japanese carmaker is said to have sold 531,105 units in the second quarter, 15% lower than its sales numbers from last year. General Motors on the other hand, managed to register 578,507 units of sales during the same period – outselling its Japanese rival by over 47,000 units.
General Motors also announced that it had nearly 100,000 vehicles waiting for more parts, forcing the company to offer weak second-quarter profit guidance. However, GM has kept their full-year profit guidance as they expect to sell these vehicles before the year-end. The net income of the company in Q2 is expected to be around US$1.6 billion to US$1.9 billion, missing analysts’ expectations of touching US$2.56 billion.
The US auto industry is said to be struggling to keep up with the pent-up demand for new cars amidst persistent chip shortage and supply-chain disruptions.
Source: Read Full Article