Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

GM extends production at Detroit factory until early 2020

Published 02/22/2019, 12:41 PM
Updated 02/24/2019, 12:30 AM
© Reuters. GM Detroit-Hamtramck Assembly plant is seen in Hamtramck, Michigan

(Reuters) - General Motors Co (NYSE:GM) said on Friday it had extended the production at its Detroit Hamtramck plant until January 2020, against an earlier plan to discontinue production in June this year.

The No.1 U.S. automaker is revamping its operations, which include plant closures and thousands of job cuts, as it looks to boost profitability in the wake of declining U.S. auto sales.

The Hamtramck plant will continue to produce the Chevrolet Impala and Cadillac CT6 sedans until early next year, the company said.

"We are balancing production timing while continuing the availability of Cadillac advanced technology features currently included in the CT6-V - the Blackwing Twin-Turbo V-8 (engine) and Super Cruise (driver assistance system)," GM said.

The plant has already discontinued production of the Buick LaCrosse sedan and Chevrolet Volt electric hybrid car.

Detroit-based union United Auto Workers' President Gary Jones said GM's decision to continue production at the plant was a relief for the workers as well as their families.

© Reuters. GM Detroit-Hamtramck Assembly plant is seen in Hamtramck, Michigan

"We commend GM for today's decision and we reiterate the importance of a collective bargaining process in times like these," Jones said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.