GM swallowed a $10.9 billion pill to reset its EV strategy. It says the worst is nearly over.
General Motors has incurred nearly $11 billion in costs related to resetting its electric vehicle strategy as demand for EVs has cooled. The company is shifting focus back toward gas-powered trucks and SUVs to maintain profitability.
Why it matters
This reflects a broader trend among legacy automakers scaling back aggressive EV transition timelines due to market realities and the expiration of federal incentives.
GM said it delivered fewer EVs to dealerships in the last quarter. Bloomberg/Getty Images General Motors took a nearly $2.3 billion charge in the last quarter amid changes to its EV plans. GM, which has more EV products than any other US automaker, delivered 31,000 fewer EVs to dealers last quarter. Profits for its gas-powered trucks are still booming. The price tag for General Motors' EV reset has ballooned to nearly $11 billion. During the automaker's Tuesday earnings update, executives said GM recorded a nearly $2.3 billion EV-related charge in the most recent quarter. That brings the automaker's total related costs to $10.9 billion since the second half of 2025 as it slows its EV build-out and builds more gas-powered cars. The billions in write-downs are tied to cutting battery capacity and to reworking factories for gas engine production.
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