GM to make 30,000 ventilators for U.S. stockpile by August [MarketWatch]
General Motors Company (GM)
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Source: MarketWatch
General Motors Co. said Wednesday it is contracted to make 30,000 ventilators, at a price of $489.4 million, for the Strategic National Stockpile by the end of August. The production schedule is aiming for the delivery of 6,132 ventilators by June 1, the auto maker said. The contract is part of the Defense Production Act invoked in late March. Ventilators are needed for people suffering from the direst cases of COVID-19 and the U.S. and other countries have been scrambling to provide more of the life-saving devices. Shares of GM have lost about 43% in the past 12 months, compared with losses around 6% for the S&P 500 index.
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