GM cuts hundreds of jobs just days after raising profit guidance, sending shares soaring. A new chip shortage and trade restrictions are threatening the auto industry’s production.
Automakers face a major crisis due to a severe shortage of chips needed for their vehicles. The US assembly plants are weeks away from shutdowns due to this issue. Chinese authorities recently blocked key supplier Nexperia from exporting from its facilities in China, adding pressure on the sector.
Geely Auto plans to expand its presence in Europe with a larger lineup of PHEV (plug-in hybrid electric vehicle) models. Its target markets include Germany, the UK, France, Italy, and Spain.
The closure of BrightDrop’s operations will now significantly impact GM’s strategic partnership with Hyundai. The two automakers aim to build a commercial van for North America by 2028, which is crucial for their alliance’s success.
Source: https://www.autonews.com/general-motors/an-gm-layoffs-1024