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Chip shortage leaves 95K GM vehicles unfinished in storage

General Motors
Posted at 4:27 PM, Jul 01, 2022
and last updated 2022-07-01 18:27:18-04

DETROIT (AP)  — The global shortage of computer chips 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 coronavirus pandemic has affected the automobile industry, resulting in factories being temporarily closed and production shrinking.

Forbes reported that car sales were almost nonexistent when the U.S. went into lockdown two years ago.

Pre-COVID, the supply of new vehicles on dealer lots around the country was about 4 million. Now, it's about 1 million.

After the filing was released, GM shares fell slightly to $31.69.