Key insights
- The delay in worker recalls at the GM and LG Energy Solution joint venture battery plant in Ohio signals persistent weakness in electric vehicle demand. This postponement, pushing worker returns from June to August, suggests that the anticipated recovery in EV sales may be slower than expected, potentially impacting future production and profitability for automakers heavily invested in the EV transition.
Investing.com - A battery manufacturing facility jointly owned by General Motors (NYSE:GM) and LG Energy Solution has postponed the return of hundreds of laid-off workers in Ohio as weak demand for electric vehicles persists, according to sources and an internal announcement viewed by Reuters.
Workers at the Ultium Cells plant in Warren, Ohio, are now being told they will begin returning to work in August, the sources and document said. The employees have been out of work since January.
The workers were initially given a June timeframe for their return to work when they were laid off in January. The new August date represents a two-month delay from the original schedule.
The plant is jointly owned by GM and LG Energy Solution. GM shares fell 0.1% following the news.
LG Energy Solution Ltd closed the Korean trading day 3.6% higher before the news was reported.
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