In a assertion, G.M. stated that it hoped its technique for constructing automobiles with out some elements would assist it “quickly meet strong expected customer demand during the year.”
That strategy to constructing automobiles “underscores the dire nature” of the semiconductor shortage, an analyst at CFRA Research, Garrett Nelson, stated in a report. “One of the key questions is how much better the U.S. auto sales recovery can get from here.”
The chip shortage is mirrored in G.M.’s unusually low stock of 334,628 automobiles. That is about 76,000 lower than at the finish of the fourth quarter, and half the variety of automobiles its sellers held in stock a year in the past.
G.M.’s sluggish sales had been confined to its Chevrolet model, whose sales fell 2 p.c in the first quarter. That consists of a 13 p.c decline in sales of its full-size Silverado pickup truck, a essential revenue maker for the company. The Buick, Cadillac and G.M.C. manufacturers reported robust sales in the quarter.
Toyota additionally reported a drop in sales of its full-size pickup, the Tundra. But the decline was greater than offset by massive will increase in sales of its RAV4, Highlander and 4Runner sport-utility automobiles and automobiles from its Lexus luxurious model.