Reported 18 days ago
General Motors announced a $1.6 billion charge for the third quarter due to a reevaluation of its electric vehicle plans, prompted by the expiration of critical federal support which they anticipate will affect demand. The company reported a decline in stock and noted that U.S. automakers are responding to declining EV demand by delaying or canceling new models and investments. The adjustments include a $1.2 billion non-cash impairment and $400 million for contract-related fees.
Source: YAHOO