GM’s stock is falling as the end of a critical tax credit will force the company to scale back its plans for EV investments
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General Motors Co. said it would take a $1.6 billion charge and pull back on planned electric-vehicle investments after the federal government scrapped a key tax credit.
The company said $1.2 billion of the charge is related to adjustments to its EV capacity, according to a Tuesday filing with the U.S. Securities and Exchange Commission. The remaining $400 million is primarily tied to fees for contract cancellations and commercial settlements related to its investments in EVs.
