General Motors Co (NYSE:GM) shares are trading lower Tuesday. On Monday, the company reported second-quarter deliveries that were down year-over-year.
GM said it sold 582,401 vehicles in the United States in the second quarter. The company's quarterly sales were down 15% year-over-year, but market share was up 1 point to an estimated 16.3%.
On Friday, GM updated its guidance for the second quarter as a result of supply chain disruptions. The company said it would hold back about 95,000 vehicles that were manufactured without certain components in company inventory until they are fully completed.
GM shares are also trading lower amid overall market weakness as economic concerns pressure stocks. Investors continue to worry about rising inflation and the potential for higher rates to cause a recession. A slowdown in economic growth could weaken auto demand.
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GM Price Action: GM has traded between $67.21 and $30.65 over a 52-week period.
The stock was down 3.63% at $31.02 at press time, according to data from Benzinga Pro.
Photo: courtesy of GM.
