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GM Drops as Chip Shortage Shutters More Plants

Stock MarketsApr 08, 2021 10:19AM ET

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GM Drops as Chip Shortage Shutters More Plants

© Reuters.

By Christiana Sciaudone

Investing.com -- General Motors Company (NYSE:GM) slipped more than 3% after idling plants because of a chip shortage.

The carmaker will idle or extend shutdowns at several plants in North America for at least a week, which will reduce operating profit by $1.5 billion to $2 billion this year, CNBC reported.

The automobile industry has suffered from a shortage of chips as they were redirected to other industries over the past year as vehicle-making factories closed during the pandemic.

“We continue to work closely with our supply base to find solutions for our suppliers’ semiconductor requirements and to mitigate impact on GM,” GM said in an emailed statement to CNBC. “Our intent is to make up as much production lost at these plants as possible.”

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Comments (4)

Roger Miller Apr 08, 2021 11:45AM ET

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Like it or not but not a direct result of the pandemic, but the governments response to the pandemic. Would have a more concentrated or targeted response resulted in less dissruptuon?

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Kaveh Sun Apr 08, 2021 11:35AM ET

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Gm has everthing electronics even the odometers. There is a shortage in almost everthing electronics thanks to covid.

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Wayne Gillispie Apr 08, 2021 10:40AM ET

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US leaders/corporate America. How’s that 25 years of outsourcing US factories working out for us????

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danny Levine Apr 08, 2021 10:27AM ET

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solution is to not put so many electronics in cars. they introduce more problems than they solve

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xxx assnacion Apr 08, 2021 10:27AM ET

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car cant work without those, whether its modern or old...every literal industry needs those electrical chips

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Kaveh Sun Apr 08, 2021 10:27AM ET

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xxx assnacion the silicon chip started around 70s. What did they use before that? Potato chips?

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