New York, July 2 (BUS) – General Motors outperformed Toyota Motor Corp in US auto sales in the second quarter, data showed Friday, even as persistent chip shortages and supply chain disruptions hampered the automakers’ ability to meet pent-up demand.
General Motors, which lost its crown as sales leader in the United States last year for the first time since 1931 to Toyota, said it sold 582,401 vehicles in the quarter to June, down 15 percent from a year earlier, Reuters reported.
Toyota, which has been one of the automakers hardest hit this year by supply chain disruptions and China’s COVID-19 lockdown, sold 531,105 vehicles, down 22%.
The US auto industry is struggling to keep up with pent-up consumer demand for new cars.
That was evident again Friday when General Motors said it had nearly 100,000 vehicles waiting for more parts, forcing it to provide a weak profit forecast for the second quarter.
“Wholesale auto sales volumes in the second quarter were impacted by ongoing semiconductor supply shortages and other disruptions in the supply chain in June,” GM said.
Still, the Detroit automaker maintained its full-year earnings forecast, as it expects to sell those vehicles to dealers before the end of the year.
The company expects second-quarter net income to come in at $1.6 billion to $1.9 billion, less than analysts’ expectations of $2.56 billion, according to Refinitiv data.
General Motors sold more than 7,300 electric vehicles this quarter, including the GMC Hummer pickup truck, whose production is set to gradually increase in the second half.
The company is expected to sell its newest cars in the quarter, according to Cox Automotive, as industry-wide turmoil creases inventory at other major automakers.
South Korean Hyundai Motor Co. reported quarterly sales of 184,191 vehicles, down 23%.
Ford Motor Co., which releases a report on Tuesday, is expected to report a rise in quarterly sales, managing its inventory better than most other companies, and also recovering from last year’s woes, according to Cox Automotive.
Cox added that Tesla will be the only major brand to increase sales in the first half of the year.
New US auto sales ended in June at 1.13 million units, with an annual sales rate of 13 million, according to Wards Intelligence data.
Industry watchers are concerned about the potential impact of multi-decade high inflation and rising gas prices on the auto industry, although they note that demand remains strong for now, an unusual situation.
Still, an even bigger impediment to increasing auto sales right now is the industry-wide shortage of cars and trucks, which has led analysts to lower their full-year sales forecasts.