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The global microchip shortage has forced General Motors to cut the production of 278,000 vehicles so far – the second most lost vehicle production tied to the chip shortage of any automaker, behind only Ford.
In May, GM indicated the chip shortage had cut about 80,000 vehicles from its usual production schedule, the majority of which came from the GM Fairfax Assembly plant in Kansas. That number has now risen to 278,000 vehicles as GM continues to keep certain production lines closed in order to prioritize chips for its most profitable models, like the Chevy Silverado pickup and Chevy Tahoe SUV.
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$57.36
By comparison, shares of GM’s cross-town rival, Ford Motor Company, were stable during the same timeframe.
GM Stock Factors
GM stock value fell this week after a 3-percent gain last week and stable performance the week prior.
The recent activity follows a 10-percent gain in March, during which GM stock values crossed the $60-per-share mark, an all-time high for the “new GM,” as well as consistent growth in January that put GM stock value above the $50 per share mark.
The gains seen earlier in April were driven primarily by confirmation of an upcoming all-electric iteration of the popular Chevy Silverado pickup truck. GM stock value hit a record high of $63.44 per share following the announcement.