The money will help a joint venture of General Motors Co. and LG Energy Solution finance the construction of new lithium-ion battery cell manufacturing facilities.
The company plans to delay filling some open positions after hiring 7,000 new salaried workers already in 2022.
The automaker saw a Quarter One net income of $2.9 billion, just 2.7% lower than 2021, despite $2.5 billion in increased costs as global revenue rose 11%.
The EV race heats up as Ford Motor Co. and General Motors Co. highlight new electric pickups while other car companies get ready to release new battery-powered models in 2022.
The question comes down to who will write the software for advanced features like hands-free driving: chipmakers, carmakers, or Tier I suppliers.
Short supplies of new vehicles drove a dip in consumer loyalty of over 3 percentage points, according to Experian.
GM sales fall short of Toyota Motor Corp. over two consecutive quarters.
Manufacturers are entering commitments to produce more automotive-grade chips for automotive manufacturers that have idled production amid the shortage.
The Detroit 3 has taken the biggest hit as automakers tweak production to manage the crisis.
The Biden Administration has bipartisan support to contribute $50 billion for semiconductor manufacturing and research, but where the funds will go remains subject of debate.
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