So Much for the Chip Shortage: GM Now Expects to Crush Its Earnings Guidance
The auto industry been hit hard by the global shortage of semiconductors, a result of surges in demand for personal computers and consumer electronics during the COVID-19 pandemic.
But General Motors (NYSE: GM) has been hit less hard than many of its rivals -- and it underscored that on Thursday morning when it said it will boost output at two truck plants and beat its first-half profit guidance.
GM said it will increase production of (very profitable) heavy-duty pickups at its Flint, Michigan, plant by about 1,000 trucks a month. It will also boost output of midsize pickups from its factory in Wentzville, Missouri, completing an additional 30,000 of the trucks by July 10.
Source Fool.com
