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GM Takes $1.6 Billion Hit for Scaling Back EV Plans
General Motors is taking $1.6 billion in charges for scaling back its electric vehicle production. In a filing Tuesday, the automaker is blaming weaker federal support and weakening demand. GM warns more pain could come as it reassesses its EV strategy. Steve Man, Bloomberg Intelligence Global Autos and Industrials Research Analyst, joined ...
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Along with its third quarter earnings beat, GM reduced the expected impact of tariffs this year to between $3.5 billion and $4.5 billion, down from $4 billion to $5 billion. GM CFO Paul Jacobson told CNBC that while the impact will be smaller than previously forecast, GM is still "going to figure out how to overcome this" over the longer term. Read more: cnb.cx/4nYEsm1 | CNBC
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