General Motors Announces Chevrolet Bolt EV Production Shutdown To Extend Until February 2022

General Motors Company (NYSE: GM) announced Monday that it is extending the production halt at its Chevrolet Bolt electric vehicle plant in Michigan. The move is meant “to continue prioritizing recall repairs.”

GM spokesperson Dan Flores said the company has notified the employees at the Michigan plant that the company “will extend downtime through February 2022.” The direction for the manufacturing plant is to “focus on battery module replacements.”

The plant, which manufactures the Bolt line, halted production in August 2021 after a wide recall of its electric vehicles due to the risk of battery fires. The retail sales of the vehicle line have also been halted indefinitely.

The automaker announced in October that its battery supplier, LG Electronics, agreed to shoulder the expenses related to the recall. The cost is estimated at US$2 billion.

General Motors Company last traded at US$54.04 on the NYSE.

Information for this briefing was found via the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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