General Motors Co.
What Happened: While a total of 945 workers will be laid off at the Lake Orion assembly plant, another 369 will be laid off at the Lansing Grand River Assembly plant, reported Detroit News, citing letters filed with the state of Michigan. The layoffs will start in January.
The production of the Bolt EV and EUV will wrap up next week at Lake Orion. Following that, the plant will be retooled in preparation for the production of GM's electric trucks including the Chevrolet Silverado EV and GMC Sierra EV in late 2025.
At the Lansing Grand River Assembly plant, the company will continue making the Cadillac CT4 and Cadillac CT5 after ending production of the Camaro.
Why It Matters: The Bolt EV and EUV are the best-selling EVs from General Motors. In the last quarter, the vehicles accounted for over 15,000 EVs sold by the EV maker in the U.S. The company sold only roughly 20,000 EVs in the entire quarter.
GM reported revenue of $44.1 billion for the third quarter and net income attributable to stockholders of $3.1 billion. However, during the company's third-quarter earnings call, GM withdrew its EV production targets. This included both the 100,000 EV target the company had set for the second half this year as well as the cumulative 400,000 target the company had set for from 2022 to the first half of 2024. The company did not provide new targets.
