$GM says it will record about $7.1B in charges in Q4, mainly due to cutting back some EV plans and restructuring its China business, according to CNBC. The company pointed to slower EV demand and continued pressure in China, where pricing remains weak and competition is intense.
Most of the charge is non-cash and tied to writing down assets and future costs. $GM says it’s refocusing on projects with clearer demand while managing costs more carefully going forward.
Big number, but it explains why $GM is resetting its strategy right now.