GM Faces $1.6 Billion Loss as EV Demand Slows

GM takes $1.6 billion hit on electric vehicle rollout as U.S. automakers rethink future

U.S. automakers are trimming their outlook for electric vehicles amid lingering consumer doubts, a pullback in federal support and a challenging economic landscape that is affecting all auto sales.

GM Faces $1.6 Billion Loss as EV Demand Slows

General Motors said on Oct. 14 that it will bear a $1.6 billion loss to scale back its electric vehicle (EV) operations, citing weaker expected demand following recent U.S. policy changes that ended federal EV tax credits and loosened emissions rules. The Detroit-based automaker said its Audit Committee approved the loss on Oct. 7, covering the three months ended Sept. 30. The company noted that the loss is part of its plan to realign EV product…

Editorial: GM learns market isn't ready for large-scale EV conversion (Opinion)

General Motors is backtracking on its commitment to build electric vehicles. The change in strategy will cost GM about $1.6 billion. It comes after tax incentives for electric vehicles were slashed by the U.S. and rules governing tailpipe emissions are relaxed. Who saw anything like that coming? Only people who pay attention to reality instead of ecotopian dreams.

GM Poised to Miss CEO Mary Barra’s 2025 Promise to Surpass Tesla in US EV Market

General Motors is on track to largely miss its goal of surpassing Tesla in EV market share in the US. Back in 2021, CEO Mary Barra told CNBC she was “absolutely” convinced that GM would surpass Tesla as EV leader within four years. By then, Tesla had a 63% market share in the electric segment in the US, while GM represented 10%. Questioned by reporter Phil LeBeau if the CEO thought they could “catch Tesla by 2025,” Barra said “absolutely.” In th…

EV Tax Credit Loss Will Cost GM $1.6 Billion

GM was forced to adjust its EV capacity to the tune of $1.2 billion. Its EV sales skyrocketed 105 percent through the first three quarters. Changes will not affect the current EV lineup of Chevy, GMC and Cadillac. The removal of the federal electric vehicle tax credit at the end of September is set to cost General Motors as much as $1.6 billion in the next quarter, a direct result of the adjustments it must make to its electric vehicle strategy.…

GM to Take $1.6 Billion Hit as It Scales Back Electric Vehicle Operations – IOTW Report

(The Epoch Times)—General Motors said on Oct. 14 that it will bear a $1.6 billion loss to scale back its electric vehicle (EV) operations, citing weaker expected demand following recent U.S. policy