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International Business Times
International Business Times

General Motors Hit With $1.6 Billion Charge as Trump Administration Cuts EV Incentives

Donald Trump General Motors GM Chevrolet United States
A Chevrolet Volt extended-range electric vehicle sits at an event where Fritz Henderson, CEO and President of General Motors, announced that GM will invest $43 million in Brownstown Township, Michigan to manufacture lithium-ion battery packs for the Chevrolet Volt and other extended-range electric vehicles at the GM Brownstown Battery Assembly facility August 13, 2009 in Brownstown Township, Michigan.

General Motors (GM) announced on Tuesday that it will record a $1.6 billion charge in the upcoming quarter following the Trump administration's rollback of federal electric vehicle (EV) incentives and relaxed emissions standards — a move that has shaken the US auto industry.

The automaker confirmed in a regulatory filing that the charges include $1.2 billion in non-cash impairment costs tied to EV production capacity changes and $400 million related to contract cancellations and other commercial settlements connected to its EV investments, Reuters said.

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