ORION TOWNSHIP, Michigan/DETROIT, July 17 (Reuters) - G eneral Motors Co has extended a shutdown at the Michigan factory that builds the new Chevrolet Bolt electric car as part of a broader effort to get control of bulging inventories of unsold vehicles in the United States.
GM’s vehicle inventory in the United States hit a 10-year high in June at 105 days supply. The company has promised investors it will reduce that to a more reasonable level of 70 days by the end of the year. Cutting vehicle production also cuts GM’s revenue and potentially profits.
GM has sold 7,592 Bolts through the first six months of this year, after rolling out the car at the end of 2016. From June 1 to July 1, supplies of the Bolt rose to 111 days from 104 days. GM launched the Bolt in California, but has said the car will be available in all 50 states by August. GM also builds the Chevrolet Sonic small car at the Orion plant, and sales of that car are down nearly 37 percent for the year to date. (Additional reporting by Paul Lienert and Joseph White; Editing by Jonathan Oatis)