GM earnings soar on improved provide chain points

GM earnings soar on improved supply chain issues

New York
CNN Business

General Motors says its supply chain issues are improving. That allowed the company to post better-than-expected earnings despite falling short of revenue forecasts.

America’s largest automaker said that by the end of June, it had been able to clear out of inventory about 75% of the roughly 90,000 vehicles it had not been able to complete because of missing parts.

“We’re delivering on our commitments and affirming our full-year guidance despite a challenging environment, because demand continues to be strong for GM products,” said GM CEO Mary Barra.

Its earnings for the quarter came in at $2.25 a share, up 48% from a year earlier and far better than the $1.88 a share forecast by analysts surveyed by Refinitiv. But revenue, while up 52% to a record $41.9 billion, was just short of forecasts of $42.2 billion.

GM said its North…