General Motors Co (GM) said earlier this week a production halt at its Silao Assembly Plant in Mexico would be extended through March 20th due to an undisclosed temporary supply chain issue.
The company said the supply issue was not associated with semiconductor chips.
Previously, the US auto maker had said it would halt production from March 4th to March 12th at its Mexican facility as a result of a supply chain issue.
In January, General Motors’ Chief Financial Officer Paul Jacobson said the company continued “to face some supply chain and logistics issues, but overall, things remain trending in the right direction.”
And in February, the auto maker had said it would idle its Fort Wayne, Indiana, assembly facility for two weeks, beginning March 27th, in order to maintain optimal inventory levels with its dealerships.
The shares of General Motors Co closed 0.45% ($0.16) lower at $35.60 in New York on Tuesday, with the auto maker’s total market cap now standing at $49.649 billion.
The shares of General Motors Company went down 42.62% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).
Analyst stock price forecast and recommendation
According to TipRanks, at least 7 out of 11 surveyed investment analysts had rated General Motors Company’s stock as “Buy”, while 4 – as “Hold”. The median price target on the stock stands at $53.45.