GM Faces $1.6 Billion Loss as EV Demand Slows
General Motors announced a $1.6 billion loss and a scaling back of its electric vehicle operations due to weaker demand.
The company cited the termination of federal EV tax credits and loosened emissions rules as the reason for the expected weaker demand.
- The loss is part of the plan to realign EV production and factory operations to better match customer demand.
- The Detroit-based automaker's Audit Committee approved the loss on Oct. 7, covering the three months ended Sept.
The company will bear a $1.6 billion loss to scale back its electric vehicle (EV) operations.
Author's summary: GM loses $1.6 billion due to slowed EV demand.
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