Reported 18 days ago
General Motors (GM) announced it will incur $1.6 billion in charges during the third quarter as it reassesses its electric vehicle strategy due to declining demand. The charges comprise a $1.2 billion non-cash impairment and $400 million in contract-related fees. The company anticipates that the expiration of a $7,500 tax credit for EV purchases will further dampen sales in the near future.
Source: YAHOO