Unsold vehicles accounted for 16% of GM’s total sales from April to June. The company said Friday that it sold more than 582,000 vehicles in the quarter, down more than 15 percent from a year earlier.
The company reiterated its full-year net income guidance of $9.6 billion to $11.2 billion and pretax earnings of $13 billion to $15 billion. For the first time, the company forecast second-quarter pretax income of $2.3 billion to $2.6 billion.
Chip shortages have plagued automakers around the world since 2020, forcing many to temporarily close factories and cut production.
The shortage limits the supply of new vehicles to U.S. dealerships to around 1 million, compared with around 4 million at any one time in a normal year.
That has pushed prices to record levels and limited vehicle choices, but has also been lucrative for most automakers.
GM said in a prepared statement that its North American production has been relatively stable since the third quarter of last year, but short-term parts disruptions continued.
“We are actively working with our suppliers to resolve issues as they arise to meet pent-up customer demand for our vehicles,” the statement said.
Shares of General Motors rose 2 percent to $32.42 in early Friday trading.