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11h ago

GM's Barra Reaffirms EVs as End Game After Policy Shifts Trigger $6 Billion Charge

Barra blames U.S. policy rollbacks for a slower EV timeline.

General Motors chair and chief executive officer Mary Barra participates in an Economic Club of Washington discussion on "the transformation of the automotive industry to an all-electric future, the path to autonomous vehicles, and the recent negotiations with GM's workforce" in Washington, U.S., December 13, 2023. REUTERS/Elizabeth Frantz
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Overview

  • Speaking in Detroit, the GM CEO said EV adoption will take longer without incentives but remains the company’s destination.
  • She cited the elimination of the $7,500 federal EV credit and moves to relax tailpipe rules as drivers of rapid product-plan changes and cuts to EV investment.
  • GM told regulators on Jan. 8 it expects about $6 billion of fourth-quarter 2025 costs tied to a reassessment of its EV business.
  • The company is developing plug-in hybrids and evaluating traditional hybrids while maintaining emphasis on battery EVs as a superior product.
  • Industry peers are adjusting as well, with Ford booking $19.5 billion in costs and U.S. regulators proposing a 34.5 mpg average by 2031.