“Insanity” and “Virtue signaling” have a serious and significant cost…in the case of GM $Billions….hopefully (for shareholders)…lesson learned…






GM to take $1.6 billion charge related to EV pullback
· General Motors’ third quarter results next week will include a $1.6 billion impact from its
all-electric vehicle plans not playing out as anticipated.
· GM said its reassessment of its EV capacity and manufacturing footprint is “ongoing,” signaling additional charges could be announced later.
· GM’s EV charges comes more than a year after crosstown rival Ford Motor announced a $1.9 billion impact from changing its EV plans.
“Following recent U.S. Government policy changes, including the termination of certain consumer tax incentives for EV purchases and the reduction in the stringency of emissions regulations,
we expect the adoption rate of EVs to slow,” GM said in the filing.
“There’s a lot of tough decisions that are going to need to be made,” Murphy, who’s now with Haig Partners, said in June during an event for Bank of America’s
“Car Wars” report. “Based on the study, I think we’re going to see multibillion-dollar write-downs that are flooding the headlines for the next few years.”
GM’s EV pullback charges come more than a year after crosstown rival
Ford Motor announced a
$1.9 billion impact from its EV plans.
GM to take $1.6 billion charge related to EV pullback