GM Delays Electric-Truck Production Plans With Focus on Capex

General Motors stock is down because of the United Auto Workers strike. Now investors have to digest downbeat news about electric trucks.

The decision was made to “better manage capital investment while aligning with evolving EV demand,” said the company in an emailed statement. “In addition, we have identified engineering improvements that we will implement to increase the profitability of our products.” Still, traditional auto makers are having trouble gaining traction. GM’s EV sales amounted to about 3% of total U.S. sales in the third quarter, lower than the 8.3% penetration rate for the overall industry.GM stock isn’t lower in response to the Orion Assembly Plant news, though. Shares were up 0.8% in midday trading, while the S&P 500 and Dow Jones Industrial Average were down 0.3% and 0.2%, respectively.

Orion also builds the Chevy Bolt EV. Production of the current version will wrap up in 2023 before a new version is launched in coming years. GM still hasn’t said when the new Bolt will go on sale.

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