General Motors reportedly worked through three quarters of its backlog of 95,000 cars and trucks awaiting chips in the third quarter of 2022, while Ford moved in the opposite direction. Its backlog doubled from 20,000 to 40,000 cars over the period.
The financial results both companies reported last week show the importance of being able to get those vehicles to dealerships and into customers’ hands. GM’s net income rose 37 percent from a year earlier to $3.3 billion, and its revenue surged to a third- quarter record, partly as a result of those shipments.
The silver lining is that at least Ford, like its crosstown rival, expects to have cleared its backlog before 2022 ends. Executives from both companies agree that silicon is flowing a little more readily than it was about this time in 2021.
