People look at the Cadillac Lyriq electric car at the Cadillac booth at the North American International Auto Show in Detroit, Michigan on September 14, 2022.

Jeff Robbins | AFP | Getty Images

DETROIT – General Motors Auto sales rose 24% year-over-year in the third quarter as supply chain issues further affected the company’s output.

The Detroit-based automaker said Monday it sold 555,580 vehicles from July to September, compared with 447,000 a year earlier, when sales fell due to semiconductor chip supply problems in Malaysia. The increase met or exceeded industry analysts’ expectations of at least a 21.6% increase.

As for electric cars, GM said it plans to increase production Chevrolet Bolt EV and EUV after the car recorded its best quarterly sales ever at 14,709 units. GM intends to increase calendar-year production for global markets from about 44,000 vehicles in 2022 to more than 70,000 in 2023.

The increase in older GM Bolt models is different from the production of the expensive GMC Hummer EV pickup. Starting in late November, the company said Monday it will suspend production of the pickup truck for several weeks to continue upgrading its body shop for the upcoming electric Chevrolet Silverado.

The company is building the Hummer EV pickup, the first battery-powered vehicle with GM’s next-generation Ultium platform, at a snail’s pace compared to typical car production.

GM did not immediately release sales of individual vehicles, such as the Hummer EV, which are traditionally sold each quarter.

GM is one of the first major automakers to report third-quarter sales on Monday. Overall, according to analysts’ estimates, automakers sold 3.4 million new passenger cars in the US, down less than 1% from the same period last year.

Automakers continue to tackle supply chain challenges, from semiconductors and wire harnesses to smaller parts such as as car and company logos.

GM ended the third quarter with 359,292 vehicles in dealer inventory, including units on the road, up 111,453 from the previous quarter. This is nearly three times the inventory available at the end of the third quarter of 2021, when supply chain issues related to Covid affected production.

This is a developing story. Check back for more updates.

https://www.cnbc.com/2022/10/03/gm-third-quarter-sales-rise-24percent-over-2021-totals.html

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