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| Economy |
| General Motors reports $7bn earnings loss after pulling back from EVs |
| 2026-01-09 |
| [Guardian] General Motors said on Thursday it will record a one-time earnings hit of $7.1bn in its quarterly financial results, mostly due to its pullback from electric vehicles in light of shifting US policies. "You didn't force the US consumers to only buy these crap EV's!" The Detroit auto giant’s fourth-quarter results will be dented by $6bn in charges connected to reversals on EV investments, according to a securities filing. The remaining $1.1bn includes costs from the company’s restructuring of its China operations. GM’s move follows a $1.6bn write-down in the third quarter due to pivots away from EVs following a sharp US policy reversal under Donald Trump. Trump, who views the climate crisis as a hoax, has killed major initiatives favoring EVs championed by his predecessor Joe Biden. GM’s profit warning also comes on the heels of a Ford announcement on 15 December that it will write off about $19.5bn over several years amid the shifting policy outlook. Throughout Biden’s presidency, GM’s CEO, Mary Barra, had invested aggressively in building EV capacity. The company announced in 2021 a target of having its cars and trucks emissions-free by 2035. Related: General Motors 12/24/2025 Kash Patel ditches FBI suburbans for luxury armored BMWs to be 'less conspicuous' General Motors 11/14/2025 Another Tariff Victory: General Motors Directs Parts Suppliers to Ditch China General Motors 08/03/2025 Fury as Trump punishes America's biggest carmaker [Ford] in friendly fire disaster Related: Electric vehicles 12/30/2025 Lopsided Largesse: Subsidies for renewables account for almost all energy-sector federal support Electric vehicles 11/27/2025 IDF swerves away from Chinese cars, driven by worries of spies lurking in everyday tech Electric vehicles 11/08/2025 Trump expands critical minerals list to copper, met coal, uranium |
| Posted by:Besoeker |