US EditionGeneral Motors writes down $6 billion as domestic EV sales plans change
- General Motors said in an SEC filing Thursday it will record about $6 billion in charges in the fourth quarter.
- After the U.S. EV tax credit ended in September, removing a $7,500 new-EV credit and up to $4,000 for used EVs, GM reconsidered its $27 billion investment pledge amid sputtering EV sales and eased emissions standards.
- Breaking down the amount, GM said the charges include about $1.8 billion of non-cash impairments and approximately $4.2 billion of supplier settlements and cancellation fees.
- Shares slid about 2% before the opening bell Friday, reflecting investor reaction as General Motors' plan for more than half of factories in North America and China to be EV-capable by 2030 faces new scrutiny.
- GM had also pledged nearly $750 million to expand charging networks through 2025 as China became a global EV leader in recent years and BYD overtook Tesla earlier this month.
18 Articles
18 Articles
Associated Press News
GM hit with $6 billion in charges as EV incentives cut and emissions standards fade
General Motors will be hit with charges of about $6 billion in its fourth quarter after sales of electric vehicles sputtered when the U.S. cut tax incentives to buy them and also eased auto emissions standards.
General Motors, owner of Chevrolet or Cadillac, will fit an accounting coup of 6.00 million dollars, about 5,100 million euros, as it reverses its strategy of boosting the electric car. The bill, which will be counted in the last quarter of 2025, is explained by cuts in the production of cars and batteries, in the middle of a market to the down after the end of the aids to the purchase in the United States and the policies of Donald Trump.Contin…
General Motors takes $7.6 billion hit on electric vehicle business
Automaker General Motors has taken a multi-billion dollar hit in the electric vehicle (EV) department. Reportedly, General Motors Co. will take another $6 billion in charges tied to production cutbacks in its electric vehicle and battery operations as the financial fallout spreads from the weakening US market for EVs. These charges are part of a broader series of impairments and restructuring costs as GM reassesses its EV strategy. Reportedly, t…
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