General Motors (GM) - Get Report shares rose Thursday as the biggest U.S. automaker reportedly has asked workers to return to its U.S. factories beginning Monday to help pave the way for a resumption of vehicle production.
As for GM, "we are actively preparing plans to safely restart our operations,” the company said in an alert to employees obtained by the Detroit Free Press.
“Although we have not locked in a firm restart date, we have been meeting with government officials, sharing our safety protocols with the UAW [United Auto Workers Union], verifying that suppliers can support our plans and ensuring we have the right resources and safety equipment for our plant,” General Motors said.
Production won’t begin next week, GM said. “However, leaders may call back a small group of people to support our restart planning. If you are needed, you will be contacted directly by your leader. When more information becomes available, we will communicate it to you,” the alert said.
The UAW said Wednesday that it was working with the Big Three on creating practices to ensure the health and safety of their workers. “These talks are fluid and ongoing to ensure safe protocols are followed when the companies reopen," the union said in a statement.
At last check, GM traded at $21.88, up 2.72%, surpassing a 1.05% gain for the S&P 500 index. The stock has dropped 38% in the last three months, compared to a 15% slide for the S&P 500.