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GM Slows Production in Some Plants Due To Semiconductor Chip Shortage

General Motors is reducing production in some of its North American plants due to a global semiconductor chip shortage. From a report: The chip shortage is affecting automotive companies around the world, with semiconductors functioning as a key component for steering systems, car brakes and other automobile features. GM has temporarily closed some plants, with expected downtimes ranging from a week to several weeks. GM expects the closures will cost them between $1.5 billion and $2 billion in operating profits this year. The chip shortage stems from slowed production and manufacturing in 2020. Semiconductor chips require long lead times due to their complicated technology, resulting in a backlog of demand.

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