GM Gains on Plan to Resume Production at Plants Shut Due to Chip Shortage

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GM Gains on Plan to Resume Production at Plants Shut Due to Chip Shortage
Credit: © Reuters.

By Dhirendra Tripathi – Shares of General Motors (NYSE: GM ) were trading higher by more than 3% Thursday on the carmaker’s plans to restart production at plants it was forced to shut because of a shortage of semiconductor chips.

GM is among several car producers which have idled plants or curtailed production as demand for chips from various other industries like electronics has constrained capacity.

The carmaker said it is restarting operations at four plants in the U.S., Mexico and Canada next week, according to a report by Reuters (TSX: TRI ).

Two plants in Mexico that build the Chevrolet Equinox, GMC Terrain and Chevrolet Blazer will resume production on May 31, the Reuters report said.

The company will also resume full production on May 31 at its Bupyeong 1 assembly in South Korea, which produces the Chevrolet Trailblazer and Buick Encore GX and return the Changwon assembly plant to two shifts.

GM's CAMI assembly plant at Ingersoll in Ontario that builds the Equinox will resume production on June 14 and run through July 2. The plant has been idled since February 8.

Lansing Grand River will restart production of the Chevrolet Camaro from June 21, the report said.

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