GM Secures Long-Term Micron Chip Supply, Shares Jump 0.56%; Q2 U.S. Sales Fall 4.2%
GM•General Motors shares rose after securing a long-term chip supply agreement with Micron, sending GM stock up 0.56% on July 1. GM’s second-quarter U.S. sales fell 4.2% year-over-year as demand for its all-electric vehicles and Chevrolet Silverado pickups weakened.
1. Micron Chip Supply Deal
General Motors finalized a multi-year agreement with Micron to secure a steady supply of advanced semiconductor chips critical for its vehicle production and next-generation electric models. The announcement propelled GM shares up 0.56% on July 1 as investors welcomed improved visibility into component availability amid industry-wide shortages.
2. Q2 U.S. Sales Decline
GM reported a 4.2% year-over-year decline in second-quarter U.S. vehicle sales driven by weaker demand for its all-electric models and Chevrolet Silverado pickups. The slowdown underscores ongoing challenges in transitioning customers to EVs and heightened competition in the full-size truck segment.
