General Motors Co. plans to close a Detroit factory through the end of the year and deepen production cuts to slow-selling cars the plant manufactures, idling some workers and letting go others around the holiday season in response 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. The planned reduction will reportedly cost 200 jobs at the facility. GM says the action should stabilize production at the factory.
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The Wall Street Journal first reported GM's production cuts earlier Thursday. The company also extended traditional summer plant shutdowns to further reduce production of certain models like Chevrolet's Cruze and Malibu. Sales of the Volt fell 6 percent and Impala 31 percent, while sales of Cadillac's CT6 increased more than 50 percent.
"This is consistent with our view that domestic (manufacturers) continue to face steep competition in the passenger auto segment and production must be aligned with waning sales in order to reduce the elevated amounts of inventory", Buckingham Research Group analyst Joseph Amaturo wrote in a client note about the Hamtramck news. Shares were down 1.6 percent to $44.74 at 10:41 a.m.