GM Idling Detroit-Hamtramck Plant 6 Weeks

GM Idling Detroit-Hamtramck Plant 6 Weeks

General Motors ( GM ) reportedly plans to idle a Detroit factory for six weeks starting in mid-November due to weak sales.

The factory, which operates only one shift, builds Buick LaCrosse, Cadillac CT6 and Chevrolet Impala sedans, plus the Chevy Volt plug-in hybrid auto - all of which have been slow sellers.

Reduced production will start October 20, followed by a shutdown of the plant starting November 20 that's expected to last through year's end.

Once the plant resumes operations in the new year, it will likely produce 20% fewer vehicles and cost about 200 people their jobs, sources told the Journal.

While U.S. sales of the Cadillac CT6 are up 51 percent to 8,128 this year through September, the flagship luxury sedan is a low-volume seller.

General Electric Company (GE) to Release Quarterly Earnings on Friday
After $0.28 actual EPS reported by General Electric Company for the previous quarter, Wall Street now forecasts 78.57% EPS growth. Portland General Electric Company (NYSE:POR) has risen 12.10% since October 13, 2016 and is uptrending.

Both GM and rival Ford Motor Co have struggled to rein in high inventories of passenger cars as consumers have shifted to buying pickup trucks and sport utility vehicles.

General Motors shares were down 1.7 percent at $44.70 in premarket trading.

GM won't comment on specific production plans, but did say it intends to keep current production in line with demand. Following this lay off, alternative work was found for the 2,900 hourly workers that were affected but production cuts can help automakers avoid deeper price cuts on cars they can sell.

Earlier this year, GM eliminated the plant's second shift, saying it was laying off around 1,200 workers.

GM has reduced the number of shifts at five plants. Along with that announcement, GM said it planned to layoff around 1,200 employees at the plant.

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