General Motors Cuts Truck Production Due To Semiconductor Shortage

Detroit automaker General Motors (NYSE:GM) said it will cut some truck production in North America because of the ongoing global semiconductor shortage.

The largest U.S. automotive manufacturer said its Flint, Michigan assembly plant that builds the Chevrolet Silverado and GMC Sierra trucks will operate on one production shift starting the week of July 26.

Investment bank Goldman Sachs (NYSE:GS) has forecast that the current semiconductor shortage will cost the global automotive industry an estimated $110 billion U.S. in lost revenue this year.

General Motors said its Fort Wayne, Indiana assembly plant that builds the Chevrolet Silverado 1500 and GMC Sierra 1500 model trucks will be idled the week of July 26.

The company’s Silao Assembly plant in Mexico that also builds the Silverado, Cheyenne and GMC Sierra trucks will also suspend production in the coming week.

All three GM plants are expected to resume regular production the week of August 2, the company said.