GM Faces $1.6B Earnings Blow as EV Tax Credits Expire
General Motors expects to take a $1.6 billion earnings hit for the third quarter due to slowing demand for electric vehicles.
The company will absorb a $1.2 billion accounting charge for adjustments to EV production capacity and $400 million for canceling supplier contracts tied to EV investments.
Federal EV tax credits, worth up to $7,500 for new EVs and $4,000 for used vehicles, expired on September 30, impacting sales.
The New York Times reports on the expected impact on sales.
Author's summary: GM expects a $1.6B earnings hit.
More News
- Warminster man accused of killing girlfriend begins trial
- Younger Priests Remain More Conservative Than Older Priests in US, Survey Says
- Why the Reckoning Is a Historian's Protest - CEOWORLD magazine
- Jaecoo expands SUV line-up with launch of compact J5 revealed
- Unknown issue causes areawide power outage for Juneau
- Call It What It Is: Genocide
- BU registration changes to Friday, students respond
- Climate resilience in the Philippines starts with accountability
- Who is Thomas Priore? Career, Leadership at Priority, and 2025 Outlook - CEOWORLD magazine
- Madera High School's Memorial Stadium set to be completely renovated