General Motors’ U.S. vehicle sales during the third quarter plummeted by more than 30% from last year as an ongoing shortage of semiconductor chips interrupted vehicle production and cut dealer inventories.
About 447,000 vehicles were sold from July through September, down 32.8% from a year earlier when sales volumes were depressed due to the coronavirus pandemic. The decline was slightly wider than industry analysts’ expectations of 28.9% and 31.5%.
The chip shortage has caused GM to shutter plants for weeks, if not months, and also partially produce vehicles that are in high demand such as its full-size pickup trucks to then finish when chips become available.
Read the article at CNBC.
