GM U.S. sales drop in second quarter of 2022

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CHICAGO, July 1 (Xinhua) -- General Motors Co. (GM) announced on its website on Friday that it sold 582,401 vehicles in the United States in the second quarter of 2022, down 15 percent year on year.

The decrease was a result of the ongoing semiconductor supply shortage and other supply chain disruptions mostly in June, the company said.

Nevertheless, GM's market share went up one percentage point to an estimated 16.3 percent, rising for the third quarter in a row.

GM vehicle production was strong during the second quarter and it finished the month with 247,839 vehicles in dealer inventory, including units in-transit to dealers. Meanwhile, the Detroit-based automaker holds about 95,000 vehicles manufactured without certain components in company inventory, which are expected to be completed and recognize revenue throughout the second half of 2022.

GM expects its second-quarter net income to come in between 1.6 billion and 1.9 billion U.S. dollars, the Detroit News reported Friday, quoting the automaker's filing with the Securities and Exchange Commission. It also expects to rake in 9.6 billion to 11.2 billion dollars in net income this year.

GM made 2.8 billion dollars in the second quarter of 2021 and 10 billion dollars for 2021.

For other automakers, Hyundai Motor Co. on Friday reported a 23-percent drop in sales in the United States for the second quarter. Kia Corp.'s June sales increased 12-percent month-over-month, and for the first half of the year, Kia's sales went down 12 percent with 333,340 vehicles sold. Enditem

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