GM’s EV Charges Balloon to $7.6 Billion as US Demand Craters
Bloomberg.com••general
Key Points:
- General Motors Co. will incur an additional $6 billion in charges related to production cutbacks in its electric vehicle and battery divisions due to a weakening US EV market.
- This latest charge increases the total writedowns on GM’s investment in battery-electric cars to $7.6 billion, following previous smaller charges announced in October.
- GM cautioned that further financial impacts may occur this year but aims to reduce the effect on reported profits moving forward.
