GM will recognise the latest EV charge and a separate US$1.1 billion write-down — largely related to the restructuring of its China business — in its fourth-quarter results, according to a regulatory filing.
(Jan 9): General Motors Co (GM) will take another US$6 billion ($7.71 billion) in charges tied to production cutbacks in its electric vehicle (EV) and battery operations as the financial fallout spreads from the weakening US market for EVs.
The announcement on Thursday brings the total write-downs from GM’s huge bet on battery-electric cars to US$7.6 billion, following smaller charges revealed in October. While the automaker warned of an additional financial toll this year, the moves are aimed at minimising the impact on reported profits going forward.
