General Motors Inc. factories are adding new overtime shifts as the semiconductor chip supply improves, The Dallas Morning News reported.
Car prices in the United States have gone up in part because of reduced supplies, including of the important chips.
According to The Detriot News, the automaker plans to boost its production shifts at various assembly plants that produce trucks and SUVs in Mexico; Fort Wayne, Ind.; Wentzville, Mo.; Lansing, Mich.; and Arlington, Texas.
GM’s chief executive Mary Barra told investors on Wednesday that its semiconductor chip supply is improving, though she said she expects the company to see recurring hiccups in the second half of next year.
November is expected to be the first month since February that GM won’t halt production at plants due to chip shortages, even with some plants running on fewer shifts, according to CNBC.
According to consulting group AlixPartners, the global semiconductor chip shortage is expected to cost vehicle manufacturers $110 million in revenue for the full year of 2021.
The company told investors that its full-year financial performance will be at the high end of previous guidance since it topped revenue and earnings expectations in the third quarter.
GM’s Chief Financial Officer Paul Jacobsen said that even with the increasing production in the upcoming months, inventory is expected to remain low and higher stock prices will remain, Dallas Morning News reported.
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