GM awarded $489.4M contract to make 30,000 ventilators for U.S. - InvestingChannel

GM awarded $489.4M contract to make 30,000 ventilators for U.S.

The Department of Health and Human Services announced the first contract for ventilator production rated under the Defense Production Act, to General Motors. GM’s contract, at a total contract price of $489.4M, is for 30,000 ventilators to be delivered to the Strategic National Stockpile by the end of August, with a production schedule allowing for the delivery of 6,132 ventilators by June 1. “”Invoking the Defense Production Act to secure ventilator production from GM and other companies is a part of President Trump’s all-of-America approach to combating the coronavirus. By rating contracts under the DPA, HHS is helping manufacturers like GM get the supplies they need to produce ventilators as quickly as possible, while also ensuring that these ventilators are routed through the Strategic National Stockpile to where they’re needed most,” says HHS Secretary Alex Azar.