GM Faces $1.6 Billion Loss as EV Demand Slows
General Motors announced a $1.6 billion loss and a scaling back of its electric vehicle operations due to weaker demand.
The company cited the termination of federal EV tax credits and loosened emissions rules as reasons for the expected weaker demand.
- The loss was approved by the Audit Committee on Oct. 7.
- The loss covers the three months ended Sept.
- The company plans to realign EV production and factory operations to better match customer demand.
The Detroit-based automaker will bear a $1.6 billion loss to scale back its electric vehicle operations.
Author's summary: GM faces $1.6 billion loss due to weaker EV demand.
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