General Motors is handling production issues on a ‘weekly basis,’ CEO Mary Barra says
General Motors is still dealing with production snags that will last into next year, CEO Mary Barra told CNBC’s Jim Cramer on Thursday.
“It’s gotten better this year than last year, but really this will go into ’23. … It’s going to take additional capacity,” Barra said in an interview on “Mad Money.”
“But right now, it’s we solve issues and new issues pop up, and we’re just dealing with it on a weekly basis,” she added.
The auto manufacturer said in a filing earlier this month that supply chain issues will put pressure on its second quarter earnings, though it maintained its previous guidance for 2022. GM has roughly 95,000 manufactured vehicles in its inventory that are missing certain components as of June 30, according to the filing.
Despite the supply chain snafus hindering the company, Barra said that GM plans to ramp up its EV production.
“The Hummer, we’re out a couple years. We’re looking at increased production in the latter part of this year for the Hummer truck,” she said.
The Hummer EV pickup truck is available for purchase, but a high number of current reservations means new orders likely won’t be fulfilled until 2024, a company executive previously told CNBC.
GM announced Thursday that it is building a network of electric vehicle chargers in a partnership with Pilot Co. and EVgo, with a sizable amount expected to be in operation by the end of next year.
Shares of GM fell slightly to close at $31.59 on Thursday, well below its 52-week high of $67.21.
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