GM announces $1.6 billion EV impact ahead of quarterly earnings release

With General Motors’ (GM) next quarterly earnings report set for next week, the company has come out to confirm that a significant EV-related expense will impact those results. Specifically, GM is taking a $1.6 billion charge related to its EV business.

GM announced the sizable one-time expense in a new filing to the SEC.

The company also references the recent policy change from the U.S government that did away with tax incentives for new EV buyers. GM expects EV adoption to slow down as a result. These changes have also led GM to “reassess our EV capacity and manufacturing footprint.”

Spectators and investors can expect to see this $1.6 billion dollar charge in General Motors’ Q3 earnings report, which will be released a week from today on October 21. You can expect to read more about their quarter, as well as the rest of the EV business, here on Shacknews.

Donovan is a journalist from Maryland. His oldest gaming memory is playing Pajama Sam on his mom’s desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge film fanatic and will talk with you about movies and games all day. You can follow him on twitter @Donimals_