Thursday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Thursday’s business headlines.

Gas

The national average for a gallon of gas is at the highest since 2014.

U.S. gas prices surged to $3.21 per gallon this week.

The current average price in the Indianapolis area is $3.26 a gallon.

In some places, Americans are paying more than $5 a gallon.

GM

General Motors plans to double its annual revenue to $280 billion by the end of the decade as it transitions to all-electric vehicles and diversifies its operations beyond selling cars and trucks.

The two-day investor meeting, including products test drives on Thursday, is expected to provide a “clear strategy” to persuade investors to value the company more like a technology start-up as Tesla.

Kellogg’s

Kellogg’s is dealing with a strike at some of its plants that may impact the cereal supply.

The strike impacts Rice Krispies, Raisin Bran, Froot Loops, Corn Flakes and Frosted Flakes.

Between 1,400 and 1,500 hourly employees employed at plants in Omaha, Nebraska; Battle Creek, Michigan; Lancaster, Pennsylvania; and Memphis, Tennessee, went on strike, ultimately threatening production of its iconic breakfast products.

Toys

Toymakers warn delays in stocking retail shelves could create a 4-month holiday hangover.

Toy manufacturers are grappling with a massive bottleneck in the global transportation pipeline caused by the pandemic and worsened by the blockage of the Suez Canal in March.

Power outages in China, a reside shortage and higher labor costs have also strained the supply of goods and increased prices.

MGA Entertainment, for example, had anticipated 50% sales growth this year but now expects to grow by 18% to 20%.