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GM’s Q2 sales up 40% but slightly miss analysts’ expectations

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DETROIT – General Motors’ U.S. vehicle sales during the second quarter were slightly lower than analyst expectations as an ongoing shortage of semiconductor chips impacted vehicle production and dealer inventories.

The Detroit automaker on Thursday reported sales of 688,236 vehicles during the second quarter, up 39.7% from a year earlier when the coronavirus pandemic caused Americans to shelter in place and temporarily closed auto dealerships. Analysts expected GM’s sales to increase by between roughly 40% and 43%, according to forecasts from auto research firms Edmunds and Cox Automotive.

“Consumer demand for vehicles is also strong, but constrained by very tight inventories. We expect…



Source cnbc.com

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