General Motors has recorded billions in write-downs as it cuts battery capacity, leans on gas-powered vehicles, and resets its EV ambitions.
GM swallowed a $10.9 billion pill to reset its EV strategy. It says the worst is nearly over.
By
Ben Shimkus
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General Motors lifts 2026 outlook despite hit from electric retreat
GM beats Q2 earnings and announces gas-powered Cadillacs as nearly $11 billion EV retreat nears completion
"Demand Remains Strong": GM Beats Expectations, Lifts Guidance For Second Time
Detroit-based General Motors will take a billion-dollar financial loss in its third-quarter over GM's electric vehicle program…
GM's announcement comes after Ford said it would record similar writedowns following a broad resetting for the U.S. EV market.
GM's EV charges comes more than a year after crosstown rival Ford Motor announced a $1.9 billion impact from changing its EV…
“We continue to believe in EVs,” CEO Mary Barra told the Street. But GM also believes in free cash flow.
The EV tax incentive was scrapped as part of US President Donald Trump’s mega tax bill passed earlier this year.
Canceled contracts and scaled-back product plans turn out to be costly.
