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

The automaker is cutting EV production and investments after weaker demand following U.S. policy changes.
GM to Take $1.6 Billion Hit as It Scales Back Electric Vehicle Operations
The GM logo is seen on the facade of the General Motors headquarters in Detroit, Mich. Reuters/Rebecca Cook/File Photo
Evgenia Filimianova
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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 production and factory operations to better match customer demand.

Evgenia Filimianova
Evgenia Filimianova
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Evgenia Filimianova is a UK-based journalist covering a wide range of international stories, with a particular interest in foreign policy, economy, and UK politics.