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 said its Audit Committee approved the loss on Oct. 7, covering the three months ended Sept.
The company is taking measures to adapt to the changing market conditions.
Author's summary: GM faces a $1.6 billion loss due to slower EV demand.