By TOM KRISHER, AP Auto Author
DETROIT (AP) — Regardless of a pc chip scarcity that briefly closed a few of its factories, Basic Motors made a wholesome $2.8 billion web revenue within the second quarter.
The earnings got here though GM vegetation cranked out 200,000 fewer autos than they did throughout the identical quarter in 2019, the final comparable quarter earlier than the coronavirus pandemic.
The automaker advised the identical story as rivals Ford, Stellantis, and others, saying that prime costs and powerful demand for costly pickup vehicles and luxurious SUVs overcame stock shortages.
The common GM automobile bought for over $48,000 from April via June, up greater than $5,200 from a 12 months earlier, based on Edmunds.com.
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Excluding one-time objects, GM made $1.97 per share, beating Wall Road estimates of $1.82. Income was $34.2 billion, which additionally exceeded analysts’ estimates of $29.92 billion, based on FactSet.
The revenue eclipsed the identical quarter in 2020, when GM misplaced $806 million as vegetation closed and gross sales slumped initially of the coronavirus pandemic.
GM additionally raised its steering for the total 12 months to pretax earnings of $11.5 billion to $13.5 billion. It had been $10 billion to $11 billion.
From April to June two years in the past, GM factories produced greater than 785,000 autos, based on the LMC Automotive consulting agency. However LMC estimated that fell 38% to 569,664 final quarter as GM ran wanting semiconductors and had a herky-jerky manufacturing schedule with vegetation shut down on and off via the quarter.
Simply Tuesday, GM introduced that pickup truck vegetation in Flint, Michigan, Silao, Mexico, and Fort Wayne, Indiana, can be closed subsequent week as a result of chip scarcity. Manufacturing is to renew on Aug. 16. However factories in Tennessee and Mexico that make automobiles and SUVs that have been down since July 19 will come again on line Monday.
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