GM hit with $6 billion in charges as EV incentives cut and emissions standards fade
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Key Points:
- General Motors will incur approximately $6 billion in charges in the fourth quarter due to declining electric vehicle (EV) sales following the U.S. ending tax incentives and easing auto emissions standards.
- The charges include about $1.8 billion in non-cash impairments and $4.2 billion in supplier settlements, contract cancellations, and other costs, reflecting a reassessment of GM's aggressive EV transition plans.
- GM's EV tax credit, which offered up to $7,500 for new EVs and $4,000 for used ones, ended in September, contributing to reduced EV demand and prompting the company to adjust its strategies.
- Despite previously committing $27 billion over five years to electric and autonomous vehicles and aiming for carbon neutrality by
