GM Faces $1.6B Earnings Blow as EV Tax Credits Expire
General Motors expects to take a $1.6 billion earnings hit for the third quarter due to slowing demand for electric vehicles after the expiration of federal EV tax credits.
The company will absorb a $1.2 billion accounting charge for adjustments to EV production capacity and $400 million for canceling supplier contracts tied to EV investments.
Federal EV tax credits worth up to $7,500 for new EVs and $4,000 for used vehicles expired on September 30.
GM estimates the impact on sales, citing the Trump administration's move to eliminate tax credits for EV purchases, according to The New York Times.
Author's Summary: GM faces earnings blow due to expired EV tax credits.
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