GM announced this morning that it will temporarily close its Detroit-Hamtramck and Bowling Green, Ky., plant in order to keep inventories down with the low consumer demand. The Detroit-Hamtramck plant, which is responsible for making the Buick Lucerne and Cadillac DTS, will be idled for one week starting November 24th. The Bowling Green factory that makes Corvettes and the Cadillac XLR will be suspending production during the week of December 1st.
GM said that sales of the Lucerne and DTS are down 32 percent through September of this year. Corvette sales are down 9 percent while the Cadillac XLR is down 26 percent. Both plants are scheduled to re-open after their one-week shutdowns.
Due to low demand for the Saturn Sky, Pontiac Solstice and the Opel GT, GM has extended the temporary shutdown of its Wilmington, Delaware plant for another three weeks.
For those of you that care GM shares fell 42 cents this morning to $5.53.
Source: Detroit News