General Motors will incur a $1.6bn charge to scale back its electric vehicle production following the cancellation of tax credits for EV purchases in the US.
Carmakers are bracing for a slowdown in the sales of battery-powered vehicles and reinvesting their money to expand petrol vehicles to respond to President Donald Trump’s anti-EV policies. In addition to the expiry of the tax credits in September, the Trump administration has also proposed rolling back rules cutting vehicle emissions.
In a regulatory filing on Tuesday, GM said: “These developments have caused us to reassess our EV capacity and manufacturing footprint.”
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