Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

GM expedites shipment of pickup trucks parked due to lack of chips-exec

10/22/2021 | 10:37am EST
FILE PHOTO: Logo of General Motors atop the company headquarters

DETROIT (Reuters) - General Motors Co is more than halfway through shipping newly-assembled pickups that it had parked due to a shortage of semiconductor chips, a top executive at the No. 1 U.S. automaker said on Friday.

"We've made great progress," Steve Carlisle, GM's North American chief executive said at the Reuters Events Automotive Summit. "We're a bit better than halfway through that at the moment and our goal would be to clear out our '21 model years by the end of the year. We'll have a bit of a tail of '22 model years into the new year but not for too long."

The global chip shortage has forced automakers like GM to idle production or in some cases mostly build vehicles and then park them until the necessary chips can be installed, allowing those vehicles to be then shipped to dealers.

Last month, GM Chief Financial Officer Paul Jacobson cautioned that GM's third-quarter wholesale deliveries could be down by 200,000 vehicles because of chip shortages. He did not break out what share of that was trucks.

To expedite transportation of newly-built vehicles to dealers, Carlisle said GM bought a number of car haulers to deliver them from factories or distribution centers. The Detroit automaker has also allowed dealers to pick the vehicles up themselves in some locations.

Carlisle said new vehicle inventories have shrunk to below 20 days in the United States due to the supply chain disruptions, but the company wants to get that back up to 30 to 45 days with some getting to 60 days depending on the product line.

GM sees sales of gasoline-powered vehicles being steady over the decade and real growth opportunity in electric vehicles and software, with one not undermining the other, he said.

(Reporting by Ben Klayman; Editing by Emelia Sithole-Matarise)

By Ben Klayman

ę Reuters 2021
Latest news "Economy & Forex"
07:47aChina Evergrande gets $260 million demand, warns of non-payment
07:44aBank of Canada Q3 2022 rate hike expected, Q2 rise possible
07:36aTSX futures flat as Omicron dents sentiment propped by stronger crude
07:35aEquity rally wavers as Omicron keeps investors humble
07:33aHundreds of telecoms towers downed in Myanmar coup resistance
07:32aFutures edge lower ahead of payrolls report
07:18aLithuania says Chinese customs is blocking its exports
07:09aFacebook's struggle with Gateway Pundit highlights challenge of containing disinformation
07:06aKaisa in bondholder talks over default threat
07:05aExclusive-Toyota turns to Chinese tech to reach its electric holy grail
Latest news "Economy & Forex"