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    STLA   NL00150001Q9

STELLANTIS N.V.

(STLA)
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Stellantis N : GM extends EV Bolt production halt to mid-October

09/16/2021 | 12:31pm EDT
FILE PHOTO: A close-up view of the Chevrolet Bolt electric vehicle logo is seen at Stewart Chevrolet in Colma, California

WASHINGTON, Sept 16 (Reuters) - General Motors Co said on Thursday it will extend a shutdown of a Michigan assembly plant to mid-October following a new recall of its Chevrolet Bolt electric vehicles over battery issues after 12 reported fires.

The largest U.S. automaker said the extension of the production halt at its Orion Assembly plant will go through at least Oct. 15. GM also said it was cutting production at six other North American assembly plants because of the ongoing semiconductor chips shortage.

GM said it will not resume Bolt production or sales until it is satisfied that the recall remedy will address the fire risk issue. It said Thursday it had reports of 12 fires and three injuries.

GM shares were largely unchanged in late trading.

GM in August widened its recall of the Bolt to more than 140,000 vehicles to replace battery modules, at a cost now estimated at $1.8 billion. The automaker said it would seek reimbursement from battery supplier LG.

It is not clear how long it will take GM to obtain replacement battery modules for recalled vehicles and whether it will have diagnostic software that will allow it to certify some modules do not need replacing.

GM said the additional three-week production halt at its Bolt plant comes as it continues "to work with our supplier to update manufacturing processes."

Earlier this month GM was forced to halt production at most North American assembly plants temporarily because of the chips shortage.

The new production cuts include a Lansing, Michigan, plant that builds the Chevrolet Traverse and the Buick Enclave.

GM is also cutting production of SUVs like the Chevrolet Equinox, Blazer and GMC Terrain at plants in Mexico and Canada. It will also make further production cuts at Michigan and Kansas plants that make Chevrolet Camaro and Malibu cars.

Separately, Chrysler-parent Stellantis NV Thursday said it will extend production halts at its Belvidere, Illinois and Windsor, Ontario assembly plants by one week through Oct. 1 because of the chip shortage.

The Commerce Department said on Wednesday it plans a Sept. 23 White House meeting with automakers and others "to discuss the ongoing global chip shortage, the impact the Delta variant has had on global semiconductor supply chains and the industry’s progress toward improving transparency." (Reporting by David Shepardson; Editing by Dan Grebler and Aurora Ellis)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
LG CORP. 0.42% 95000 End-of-day quote.-1.03%
STELLANTIS N.V. 3.94% 17.514 Delayed Quote.14.94%
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Analyst Recommendations on STELLANTIS N.V.
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Financials
Sales 2021 152 B 176 B 176 B
Net income 2021 10 264 M 11 916 M 11 916 M
Net cash 2021 13 974 M 16 224 M 16 224 M
P/E ratio 2021 5,20x
Yield 2021 5,27%
Capitalization 54 868 M 63 718 M 63 702 M
EV / Sales 2021 0,27x
EV / Sales 2022 0,22x
Nbr of Employees 204 000
Free-Float 64,7%
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Number of Analysts 22
Last Close Price 17,51 €
Average target price 22,83 €
Spread / Average Target 30,4%
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Managers and Directors
Carlos Tavares Chief Executive Officer & Executive Director
Richard Keith Palmer Chief Financial Officer
John Jacob Philip Elkann Chairman
Harald J. Wester Chief Engineering Officer
Ned Curic Chief Technology Officer
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