For value investors, buying auto stocks has brought more pain than profit. But there are pockets of opportunity in the sector, to say the least.
General Motors said Tuesday it has temporarily paused sales of its 2024 model year Chevrolet Colorado and GMC Canyon mid-size trucks to address intermittent software quality issues. The Detroit automaker said a fix has been identified and implemented and began shipping the vehicles to dealers on Monday. "We expect this hold to lift shortly so we can begin delivering vehicles to customers as quickly as we can," GM said in a statement.
The U.S. government is awarding $1.5 billion to GlobalFoundries to subsidize semiconductor production, the first major award from a $39 billion fund approved by Congress in 2022 to bolster domestic chip production. GlobalFoundries, the world's third-largest contract chipmaker, will build a new semiconductor production facility in Malta, New York, and expand existing operations there and in Burlington, Vermont, according to a preliminary agreement with the Commerce Department. The $1.5 billion GlobalFoundries grant will be accompanied by $1.6 billion in available loans, with the funding expected to generate $12.5 billion in overall potential investment across the two states, the department said.