GM cancels Nov. 16 investor day, will move to next year

(Reuters) - General Motors said it has canceled a Nov. 16 investor day event and will move it to early next year to allow company leaders to focus on ongoing labor talks.

GM faces an ongoing month-old strike by the United Auto Workers of two assembly plants and 18 parts distribution centers. Earlier this month, GM said it secured a new $6 billion line of credit and estimated the cost of the strike was $200 million through Sept. 30.

On Tuesday, GM said it would delay production of electric pickup trucks at its plant in Michigan's Orion Township by a year as the No. 1 U.S. automaker grapples with flattening demand for electric vehicles (EVs).

The move is the latest sign that EV production and demand may not be as strong as forecast. GM had been set to begin production of the electric Chevrolet Silverado and GMC Sierra in late 2024 at the suburban Detroit plant. The company said the plan now is to start it in late 2025.

The automaker in July reiterated a previous target of building 400,000 EVs from 2022 through the first half of 2024, and projected EV revenue of $50 billion in 2025.

GM has said it is targeting production of roughly 100,000 EVs in the second half of 2023. It still plans a significant boost in EV production in 2024, including adding a new shift at a Detroit-Hamtramck factory that is currently building EV SUVs and pickup trucks. GM is set to begin building the GMC Sierra EV next year in Detroit.

(Reporting by David Shepardson Editing by Chizu Nomiyama and Mark Potter)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• US authorizes Iranian oil sales amid talks on final peace deal
• Lime seeks up to $1.66 billion valuation in US IPO
• Lucid Group cuts 18% of US workforce, stock slides