General Motors to Build 30,000 Ventilators for U.S. Stockpile for $489 Million

General Motors (NYSE: GM) will build 30,000 hospital ventilators for the U.S. government's stockpile for $489.4 million, federal officials said on Wednesday morning.

The U.S. Department of Health and Human Services (HHS) said that this contract is the first for ventilators to combat the coronavirus pandemic under the Defense Production Act, which was invoked by President Donald Trump in March.

Under the contract, GM will deliver a total of 30,000 ventilators to the U.S. Strategic National Stockpile by the end of August. The production schedule will allow GM to deliver the first 6,132 units by June 1, HHS said in a statement.

Source Fool.com