GM Scales Back EV Capacity Plans
General Motors will reduce its electric vehicle (EV) capacity due to slower-than-expected adoption by US buyers.
Despite a solid third quarter and increased full-year earnings guidance, GM is reassessing its EV production needs.
“Over the past several years, our portfolio and capacity plans have been shaped by steadily increasing regulatory stringency for fuel economy and emissions,”
said chair and chief executive Mary Barra. GM is taking a special charge this quarter, with more possible, as it adjusts to shifting policy settings and ending federal consumer incentives.
Author's summary: GM reduces EV capacity plans due to slow US adoption.