General Motors Revs Higher on Restart of Plants Idled by Chip Shortage
GM will restart production at four U.S. plants, as well as a facility in South Korea, as the global shortage in automotive chips shows signs of easing.
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General Motors (
GM) - Get Report shares extended gains Thursday after the automaker said it will restart production at some of its North American plants that were idled as a result of the global semiconductor shortage.
GM will resume activity at two plants in Mexico, one in the United States and one in Canada this week following a move to shut them down amid the worst of the global chip shortage, which the carmaker said would ding its 2021 operating profit by as much as $2 million. A fifth facility in South Korea will be back online later this month.
WASHINGTON -U.S. Commerce Secretary Gina Raimondo said Thursday she held meetings with three dozen senior industry leaders on a semiconductor chip shortage and said the United States could help boost.
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WASHINGTON (Reuters) -U.S. Commerce Secretary Gina Raimondo said Thursday she held meetings with three dozen senior industry leaders on a semiconductor chip shortage and said the United States could help boost transparency in the market.
FILE PHOTO: Commerce Secretary Gina Raimondo testifies before a Senate Appropriations Committee hearing to examine the American Jobs Plan, on Capitol Hill in Washington, D.C., U.S., April 20, 2021. Oliver Contreras/Pool via REUTERS
The meeting included General Motors Co, Ford Motor Co, Stellantis NV, chip suppliers and other users of chips.
Raimondo and the Biden administration back $50 billion in U.S. government spending to dramatically boost U.S. semiconductor production and research, but it will take significant time for that spending - if approved by Congress - to boost supply.
U S Commerce chief holding meetings on chips shortage -- sources msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Chips are down as semiconductor shortage causes chaos
The global shortage of semiconductors has thrown entire industries into chaos as companies battle to secure dwindling supplies
9 May 2021 • 9:00am
Evonik Industries, a chemicals company based in Germany’s industrial heartland, is not a household name but, for a short period in 2012, it almost brought the world’s automotive giants to their knees.
An Evonik factory producing an obscure chemical used in cars’ braking and fuel systems was briefly closed after an explosion that killed two workers. Production of the chemical was so concentrated – up to half of the world’s supply came from the plant – that it threatened to curtail manufacturing, leading to crisis meetings in Detroit.