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Share Name | Share Symbol | Market | Type |
---|---|---|---|
General Motors Company | NYSE:GM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.19 | 0.43% | 44.86 | 45.545 | 44.505 | 45.03 | 10,046,012 | 01:00:00 |
By Michael C. Bender
WASHINGTON -- President Trump said he was ordering General Motors Co. to start making ventilators amid a dispute between his administration and the auto maker over a contract to build the machines.
The president criticized GM and its leadership, saying in a series of Twitter posts that the company had initially said it could supply 40,000 ventilators, but then later said it could only make 6,000 available by late April.
White House officials said the two sides had been discussing a contract worth about $1 billion, but the talks broke down over the timeline for when the machines could be provided.
GM didn't immediately respond to comment.
Mr. Trump suggested that he would invoke the Defense Production Act, or DPA, over the issue, but his social-media posts were unclear.
In a tweet that criticized GM Chief Executive Mary Barra as "always a mess," Mr. Trump included a sentence: "Invoke 'P.'" In a subsequent tweet, he said he was referring to the DPA, a Korean War-era law that he has been reluctant to use during the coronavirus crisis.
Mr. Trump tweeted that GM should reopen its plant in Lordstown, Ohio, to make ventilators, "or some other plant." He also directed Ford to "get going on ventilators, fast!!!"
The president also said the administration had "just purchased" more ventilators, but didn't provide additional detail. He said the companies involved in that deal would be announced later Friday.
(END) Dow Jones Newswires
March 27, 2020 13:04 ET (17:04 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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