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GM Books $1.6 Billion Q3 Charge as Automakers Reset EV Plans

The end of the $7,500 federal credit is forcing a near-term recalibration of U.S. electrification strategies.

BYD electric cars and other car brands for export are stacked at the Taicang port in Suzhou, in eastern China's Jiangsu province, on April 7, 2025.
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Overview

  • GM's third-quarter charge includes a $1.2 billion non-cash impairment tied to EV capacity and $400 million for contract cancellations and commercial settlements.
  • GM said it expects EV adoption to slow after the Sept. 30 expiration of the federal purchase incentive and the easing of emissions requirements.
  • The company reported a record 66,501 EV deliveries in Q3 and more than doubled year-to-date sales, a surge widely seen as a pre-deadline pull-forward.
  • Ford has outlined up to $400 million in write-downs and $1.5 billion in EV spending cuts and is delaying or resizing projects as part of broader industry adjustments.
  • GM said its current Chevrolet, GMC and Cadillac EV lineups are unaffected, though its ongoing review of future output could result in additional charges.