General Motors (NYSE:GM) shares stumbled out of the gate Thursday, on word it recognized Alps Alpine North America, Inc. as a 2022 Supplier of the Year. GM celebrated honorees at its 31st annual Supplier of the Year event in San Antonio, Texas, earlier this week.
GM's Supplier of the Year award recognizes global suppliers that distinguish themselves by exceeding GM's requirements, in turn providing customers with innovative technologies and among the highest quality in the automotive industry. This is the 11th consecutive (21st overall) time Alps Alpine has received the award.
Alps Alpine, a leading manufacturer of electronic components and automotive infotainment systems, has brought the world numerous "First 1" and "Number 1" products since its founding in 1948. The Alps Alpine Group currently operates 110 bases in 26 countries and regions, supplying roughly 40,000 different products and solutions to around 2,000 companies worldwide.
Those offerings include devices such as switches, sensors, data communication modules, touch input panels, actuators and power inductors; electronic shifters, remote keyless entry systems and other automotive units; consumer electronics like car navigation and audio-visual systems; and systems and services such as digital keys based on smartphone app and blockchain technology, and remote monitoring.
GM shares gave back 69 cents, or 2%, to $33.94.
