Three big oil majors have…
Expectations of a lasting low…
US automaker General Motors Co. has announced it will halt production of the Chevrolet Volt electric car for four weeks, citing the car’s failure to meet targeted sales projections, according to Bloomberg news.
GM sold 10,666 Volts in the US in July. Global sales were targeted at 60,000 units, with 45,000 on the US market. Sales for 2011 were also under target, and even though an investigation into vehicle safety concluded that the Volt did not pose a fire risk, the congressional hearings on the issue led to a slow-down in sales.
According to Bloomberg, citing Automotive News, GM will halt production at the Detroit-Hamtramck assembly plant between 17 September and 15 October, though GM did not independently confirm those dates.
“In the past couple of months, the production of the Volt was running ahead of sales, but I thought that might be for this particular process because they’re bringing in the new vehicle, so they were intentionally trying to get ahead,” Alan Baum, principal of Baum & Associates, told Bloomberg.
By. Charles Kennedy of Oilprice.com
Charles is a writer for Oilprice.com