General Motors Co.’s GM rollout of two key electric vehicles, the Hummer EV and the Cadillac Lyriq, is slower than expected, The Wall Street Journal reported Wednesday, citing people familiar with the matter. GM has been making about a dozen Hummers a day as the vehicle’s waitlist has more than 80,000 people, the report said. The Cadillac Lyriq SUV is also on an “unusually slow” ramp-up, the newspaper said. GM expects to make 36,000 Lyriqs in the U.S. this year, 9% lower than the original target, in part because of a tighter-than-expected supply of battery cells, the Journal said. Shares of GM edged lower in midday session. The stock is down about 1% in the last 12 months, compared with losses of about 4% for the S&P 500 index. SPX
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.