In Response To Global EV Demand, General Motors Company (GM) Will Ramp Up Chevy Bolt Production

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GM – The company has announced plans to increase production of the vehicle at its Michigan plant later this year.

Demand for electric vehicles is surging across the globe, and General Motors Company (NYSE:GM) is stepping up to the plate to help meet it. The company has announced that it will be ramping up production of one of its popular lines of cars later this year.  

CNBC has the details on GM’s plans.

General Motors CEO Mary Barra announced her company will expand production of its Chevrolet Bolt electric car, during a speech plotting GM’s path to a zero-emissions future at one of the biggest energy conferences of the year.

Barra’s address came on the heels of a day focused on the viability of oil at the annual CERAWeek by IHS Markit conference in Houston, where many energy executives challenged the notion that alternative fuels and electric vehicles will soon displace the internal combustion engine.

Production of the Bolt at its Orion Assembly plant near Detroit will be kicked up a notch in response to growing demand. The company is still fine tuning the scale of the production increase, but Barra notes that jobs will definitely be created at the plant as a result.

In addition, Barra put out a call to action for the energy industry and other stakeholders to team up with GM to expand the domestic network of charging stations. “I think you’re going to see EV adoption continue,” she said in part.

General Motors Company shares were trading at $37.40 per share on Thursday morning, up $0.04 (+0.11%). Year-to-date, GM has declined -8.76%, versus a 2.35% rise in the benchmark S&P 500 index during the same period.

GM currently has a POWR Rating of C (Neutral), and is ranked #9 of 24 stocks in the Auto & Vehicle Manufacturers category.

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