by Christopher Freeburn | August 28, 2012 10:50 am
General Motors (NYSE:GM) said it will halt production of its electric hybrid Chevy Volt for 26 days starting next month.
This marks the second time this year that the automaker has suspended manufacturing of the highly-touted energy-efficient vehicle, the Wall Street Journal noted.
The company said that the production shut down would allow it to reduce its current inventory of 6,450 unsold Volts and re-equip the facility to begin manufacturing Chevrolet Impalas, which are slated to begin production in 2013.
Chevy dealers currently have enough Volts in stock to continue sales for 84 days, well above the 60-day sales inventory they would prefer.
About 1,400 assembly line workers at the Hamtramck, Michigan, facility will see their hours cut by the shut down.
Despite considerable marketing, GM has sold just 10,666 Volts this year. The car is priced at about $40,000, which may place it beyond the price range of energy-conscious younger drivers.
Shares of General Motors were mostly flat in Tuesday morning trading.
Source URL: http://investorplace.com/2012/08/gm-to-halt-chevy-volt-production-again-next-month/
Short URL: http://investorplace.com/?p=222662
Copyright ©2013 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.