Vehicles of automobile brands belonging to General Motors Company at a car dealership in Queens, New York City, on Nov. 16, 2021. Andrew Kelly/Reuters
General Motors said on Jan. 8 it would take a $6 billion charge to unwind part of its electric-vehicle (EV) investments, becoming the latest U.S. automaker to scale back spending on EVs as federal incentives fade and demand cools.
The Detroit-based company disclosed the charge in a filing with the U.S. Securities and Exchange Commission (SEC), saying the move followed a broad reassessment of its electric vehicle production plans in North America. The reassessment began last year as EV purchases slowed and government support for the technology diminished.
