"The Detroit automaker said in a regulatory filing on Thursday that it will record about $6 billion in fourth-quarter charges tied to scaling back EV plans in the US, with another $1.1 billion linked to restructuring in China. Most of the EV-related hits stem from contract cancellations, supplier settlements, and asset writedowns, GM said, as demand for battery-powered cars sputters."
"GM's announcement on Thursday follows a $1.6 billion writedown in the third quarter, which the automaker took as it began pivoting away from its EV strategy after an overhaul of US regulations under the Trump administration. Trump has reversed major EV-friendly measures from the Biden era, including the $7,500 federal EV tax credit that had underpinned consumer demand for electric vehicles."
General Motors will record about $6 billion in fourth-quarter charges tied to scaling back EV plans in the U.S., plus $1.1 billion linked to restructuring in China. Most EV-related hits stem from contract cancellations, supplier settlements, and asset writedowns as demand for battery-powered cars sputters. The charge will be recorded as a special item in fourth-quarter earnings. Additional EV-related costs are likely in 2026 as supplier negotiations continue, though GM expects lower charges than last year. The writedown will not affect the roughly dozen electric models sold in the U.S., and those models will remain available to consumers. GM previously took a $1.6 billion EV writedown in Q3.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]