General Motors Stock Slipped After Continued Production Halts - Highlights - General Motors (NYSE:GM)

General Motors Company GM stated that it would have more production stoppages in North America due to the shortage of chips, resulting in a significant reduction in car manufacturing.
GM would shut down its Orion Assembly Plant for at least a week in Lake Orion, Michigan, because of shortages in the semiconductor industry. The Orion Assembly Facility manufactures the Chevrolet Bolt EV and Bolt EUV.
The GM plants in the United States affected by the shutdowns are Lansing Delta Township, Spring Hill, and Lansing Grand River.
Lansing Delta Township and Spring Hill Assembly are expected to resume production in the week of September 6. The plant had been scheduled to resume production Monday, August 23, and has been down since Monday, July 19. It builds the Chevrolet Traverse and the Buick Enclave.
Ramos Assembly will take two weeks’ downtime for Chevrolet Blazer production for the weeks of August 23 and August 30. In addition, the plant will add an additional two weeks of downtime for Chevrolet Equinox production, the weeks of September 6 and September 13.
CAMI Assembly plant in Canada will add two additional weeks of downtime for September 1 and September 6. Both CAMI and San Luis Potosi had been scheduled to resume production the week of September 6.
Gm expects both CAMI and San Luis Potosi to resume production on September 20.
Price Action: GM shares are closed lower by 3.46% at $49.08 on Thursday.
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