An unusual theft reportedly occurred at General Motors Company’s (NYSE:GM) Bowling Green, Kentucky plant on Saturday, where eight Corvettes, valued at over $1 million, were stolen.
A 21-year-old Michigan man, Deantae Walker from Westland, is now in custody after local authorities successfully tracked down the stolen vehicles, USA Today reports.
General Motors Company (NYSE:GM) shares are trading higher on Wednesday.
According to Benzinga Pro, GM stock has gained over 6% in the past year. Investors can gain exposure to the stock via First Trust Nasdaq Transportation ETF (NASDAQ:FTXR).
The accused man, Walker, faces multiple charges, including receiving stolen property over $10,000, criminal mischief, evading police, resisting arrest, and engaging in organized crime, the report adds.
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Police discovered that all eight Corvettes were taken from the GM plant simultaneously, leading to the organized crime charge, the report adds.
The theft was first noticed when the Warren County, Kentucky Sheriff’s Office reported spotting a Corvette, still with its window sticker, at a local apartment complex.
Upon further investigation, several other stolen vehicles were located nearby. Authorities were able to trace Walker’s involvement when a car transport driver flagged down police about a suspicious transaction involving three of the stolen cars, the report further notes.
Walker was arrested after a brief struggle, assisted by bystanders. Authorities are still searching for an accomplice who fled in a Jeep.
The firm confirmed that all the stolen vehicles have been recovered and the company is working with affected dealers and customers.
The automaker also highlighted its collaboration with law enforcement to prevent such thefts in the future.
Meanwhile, Detroit automakers are attempting to reassure their employees as they work to mitigate challenges posed by President Donald Trump’s sweeping 25% tariffs on imported vehicles and auto parts set to go into effect on Thursday.
The Detroit Free Press reported that it obtained an unsigned internal memo from General Motors which noted the tariffs will have an impact on the company’s manufacturing operations and supply chain, though it did not give exact figures or estimates.
Price Action: GM shares are trading higher by 1.45% to $47.95 at last check Wednesday.
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