General Motors plans to idle its Detroit-Hamtramck assembly plant for six weeks, according to a new report.
The Wall Street Journal is reporting this morning that GM will shut down the plant in mid-November for six weeks.
General Motors plans to scale back production and temporarily shutter an assembly plant in Detroit through the end of the year amid a slump in vehicle demand across the industry.
GM, in an emailed statement, confirmed it "will be making schedule adjustments to keep supply and demand in balance", including the plant operating under a reduced production schedule effective October 20.
The move will cost about 200 workers their jobs, the WSJ reported. Sales of the Volt fell 6 percent and Impala 31 percent, while sales of Cadillac's CT6 increased more than 50 percent.
Royal Bank Of Canada Reaffirms "Buy" Rating for Alphabet Inc. (GOOGL)
UBS AG reiterated a "buy" rating and set a $1,080.00 price target on shares of Alphabet in a research note on Tuesday, July 25th. The value of the investment in Alphabet Inc. increased from $1,139,000 to $1,145,000 increasing 0.5% quarter over quarter.
USA automaker General Motors will close a Detroit plant until the end of the year and scale back its assembly line production next year, the company said Thursday.
In the first nine months of 2017, GM sold 15,634 LaCrosse models, a 21 percent drop from a year ago. Large sedan sales have been hardest hit in reason years by consumer shifts to crossovers, leading GM to have ballooning inventory of those models.
"What we are seeing is a decline in sales of those vehicles and automakers, instead of continuing to pour rich incentives on them, are cutting back production to lower their inventories", said Krebs. This follows the elimination of a full shift, roughly 1,300 autoworkers, earlier this year.
A GM spokesman said there are no plans to reinstate any of those shifts at this time.