GM has nearly 100,000 vehicles sitting idle, waiting for parts amid supply crunch
Global News
The Detroit-based automaker, however, is still expected to be the top new vehicle seller in the quarter, according to Cox Automotive
General Motors Co. reported a 15 per cent drop in second-quarter auto sales on Friday, as a global chip shortage and supply chain disruptions hit production and left nearly 100,000 vehicles waiting for more parts.
The U.S. auto industry is struggling to keep up with pent-up consumer demand for new cars as it struggles to ramp up production due to the chip shortage, a labour crunch and problems related to supply chain logjams.
GM, which lost its crown as the sales leader last year for the first time since 1931 to Toyota, said it sold 582,401 vehicles in the quarter through June versus 688,236 vehicles last year.
The Detroit automaker, however, is still expected to be the top new vehicle seller in the quarter, according to Cox Automotive, as industry-wide disruptions crimp inventory at other major automakers.
GM also said it was expecting net income of be between US$1.6 billion and US$1.9 billion in the second quarter. Analyst on average are estimating a profit of US$2.56 billion, according to Refinitiv data. It was not immediately clear if the figures were comparable.
Automakers are set to report U.S. new-vehicle sales for three months through June on Friday and Tuesday.
Toyota has been one of the worst hit automakers this year as chip shortages and China’s COVID-19 lockdowns – which have impacted other automakers as well – forced it to repeatedly cut production, casting a cloud over its full-year production targets.
Toyota – along with Stellantis, Hyundai Motor Co., Honda Motor Co. and Nissan Motor Co Ltd. – is set to report a decline in quarterly sales, except Ford, according to data from Cox and TrueCar.
Police said they were called to the store, which is located on Rue De Liege in Montreal, around 6:30 p.m. on Sunday.
After telling customers in October that Dec. 31 would be the last day those forms of payment would be accepted, the TTC decided this month to extend it to June 1, 2025.
Venne, born in Lamont, Alta., was one of the first appointees to Alberta's Human Rights Commission in 1973 and later served as chair.
Maier, 27, completed 357 of 494 passes for 3,841 yards with 22 TDs and 14 interceptions last season.
Peel Regional Police have dismantled a sophisticated car theft ring, recovering nearly $4-million worth of stolen vehicles and laying over 100 criminal charges.
Governor Tiff Macklem indicated further cuts would be more gradual, a shift from previous messaging that continuous easing was needed to support growth.
Megan Claxton and Taylor Smyth expected their second child to arrive in January. They called 911 when she went into labour five weeks early. 'I didn't get a chance to thank them.'
Nova Scotia Lt.-Gov. Mike Savage has released the names of the five people appointed to the Order of Nova Scotia for 2024.
The money raised by Ed Video in January was a part of the $280 million raised through the site in Canada in 2024. Guelph was listed 11th out of 20 communities across the country.
Here is your guide for what services, attractions, major businesses and institutions are open and closed in Toronto on Christmas Eve, Christmas Day and Boxing Day.
Liberal MP Chrystia Freeland drew sharp criticism from two cabinet ministers for the way she quit cabinet but many backbenchers hope she succeeds Justin Trudeau.