Oct. 14 (UPI) -- General Motors will take a nearly $2 billion financial loss in its third quarter over its electric vehicle program after a shift in U.S. policy.
On Tuesday, the Detroit-based carmaker revealed a $1.6 billion dent in a public filing with the Securities and Exchange Commission and added its "ongoing" in GM's EV capacity reassessment.
It comes amid a turnaround in U.S. regulations on EV's and the end to $7,500 federal tax credits under the Trump administration set in place by then-U.S. President Joe Biden.
"Following recent U.S. government policy changes, including the termination of certain consumer tax incentives for EV purchases and the reduction in the stringency of emissions regulations, we expect the adoption rate of EVs to slow," the company stated in its filing.
Related
