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GENERAL MOTORS COMPANY

(GM)
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GM to shut truck assembly plants again, cites global chip shortage

08/03/2021 | 11:48am EDT
FILE PHOTO: Logo of GM atop the company headquarters

DETROIT (Reuters) - General Motors Co on Tuesday said its three North American full-size pickup truck assembly plants would be shut down next week due to the global semiconductor chip shortage.

The idling of the plants in Flint, Michigan; Fort Wayne, Indiana; and Silao, Mexico, comes a week after the plants resumed production following an earlier shutdown related to the chip shortage.

"The global semiconductor shortage remains complex and very fluid," GM said in a statement. "The recent scheduling adjustments have been driven by temporary parts shortages caused by semiconductor supply constraints from international markets experiencing COVID-19-related restrictions."

"This period will provide us with the opportunity to complete unfinished vehicles at the impacted assembly plants and ship those units to dealers," GM added.

The No. 1 U.S. automaker also said its plants in Spring Hill, Tennessee, and Ramos Arizpe, Mexico, will resume production on Monday after being idled since July 19.

Detroit-based GM's Lansing Delta Township plant in Michigan will extend its downtime next week. It has been idled since July 19.

GM also extended downtime at its San Luis Potosi, Mexico, and Ingersoll, Canada, plants through the weeks of Aug. 23 and Aug. 30. They had been scheduled to resume production on Aug. 23, and have been down since July 19.

(Reporting by Ben Klayman in Detroit; Editing by David Gregorio)


ę Reuters 2021
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Financials (USD)
Sales 2021 131 B - -
Net income 2021 8 975 M - -
Net cash 2021 4 592 M - -
P/E ratio 2021 8,36x
Yield 2021 0,36%
Capitalization 75 374 M 75 374 M -
EV / Sales 2021 0,54x
EV / Sales 2022 0,44x
Nbr of Employees 155 000
Free-Float 95,1%
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Mean consensus BUY
Number of Analysts 21
Last Close Price 51,92 $
Average target price 71,52 $
Spread / Average Target 37,7%
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Managers and Directors
Mary Teresa Barra Chairman & Chief Executive Officer
Mark L. Reuss President
Paul A. Jacobson Chief Financial Officer & Executive Vice President
Randall D. Mott Chief Information Officer
Matthew Tsien Chief Technology Officer & Executive VP
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