The extension comes after the recall of nearly 141,000 Chevrolet Bolt electric vehicles, which are produced at the plant.
The recall resulted from a battery defect that exposes the cars to fire risk. The recall came after 10 battery fires.
Detroit-based GM said it wouldn’t restart Bolt manufacturing or sales until it was sure it had solved the fire-risk issue. GM is working with its battery maker LG Chem on the problem.
GM shares recently traded at $48.52, down 0.9%. The stock has slumped 23% over the past six months amid concern that Covid’s spread may weaken the economy.
GM on Aug. 23 implemented a recall for all Bolts made at its Orion plant. It shut down the plant that day and planned to resume production Monday.
Morningstar analyst David Whiston said last month that the recall issue wasn’t enough to change his fair value estimate of $62 for GM.
“When considering Bolt recalls in November 2020 for the 2017-19 model years at an immaterial cost and recalls in July and August 2021, Bolt recalls have now cost GM $1.8 billion,” he wrote in a commentary last month.
That’s “not far off from the $2.2 billion annual payout of GM’s currently suspended dividend. It also means every Bolt ever made is currently under recall. This sounds bad, but we think GM acting in an abundance of caution.”