GM NorthAm production running near normal

US automaker General Motors (GM) is producing at near-normal levels as it mitigates supply shortages.

"Our plants were largely running regular production as the team worked to overcome semiconductor and other supply constraints," said chief financial officer Paul Jacobson on the company's first quarter earnings call yesterday.

Jacobson reaffirmed GM's goal to increase its US wholesale volumes in 2022 by 25-30pc, an increase of 555,000-665,000 vehicles in the US. That could increase 2022 US sales levels to as high as 2.88mn vehicles.

Chief executive Mary Barra expects semiconductor shortages to ease in the second half of 2022 but to continue somewhat into 2023.

"There's other risks that we face on an almost daily or weekly basis with the supply chain that our team continues to work and find solutions, find other sources," Barra said.

The company will add a third shift at its Oshawa, Ontario, plant during the summer to build light- and heavy-duty vehicles.

The North American auto industry has dealt with significant supply shortages of semiconductors since the beginning of 2021, with other parts shortages weighing on auto production.

The automaker's global first quarter profits edged down by 3pc to $2.9bn, even as revenues rose to $36bn from $32.5bn from a year earlier.

By Rye Druzin