Economy

GM Idling Detroit-Hamtramck Plant 6 Weeks

GM Idling Detroit-Hamtramck Plant 6 Weeks

According to the Wall Street Journal, roughly 1,500 workers will be affected at GM'S Detroit-Hamtramck assembly plant, which produces four vehicle models that are seeing sluggish demand: the Buick LaCrosse, the Cadillac CT-6 sedan, the Chevrolet Volt plug-in hybrid, and the Chevrolet Impala.

GM confirmed Thursday that it will idle its Detroit-Hamtramck plant for six weeks, starting later this year, and slow production at the plant overall. A GM spokesman says there are no plans to reinstate any of the eliminated shifts at this time. GM and Ford Motors have struggled this year to reduce inventories of passenger cars.

In the first nine months of 2017, GM sold 15,634 LaCrosse models, a 21 percent drop from past year. In September, sales were down 42.4% to just 1,100 units. Sales of the Volt fell 6 percent and Impala 31 percent, while sales of Cadillac's CT6 increased more than 50 percent. The all electric Chevy Bolt, which began making its appearance in dealer showrooms in January, has sold 14,302 units for the year to date and sold 2,632 in September.

AT&T says hurricanes, earthquakes hurt third-quarter results
Shares fell a bit less than 1% on average volume to close at $38.19, in the middle of its 52-week range. Despite that, it left its full-year guidance unchanged.

USA sales have slowed for all automakers this year - notably in the category of passengers cars, as customers have preferred SUV and crossover models, as well as light trucks.

GM did not comment on the report.

IBD'S TAKE:GM stock has seen its Relative Strength Rating rise steadily in recent weeks, but watch if it can hold above this key threshold. The stock's 52-week range is $30.21 to $45.59, and the 12-month consensus price target is $41.68.


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