GM's EV push will cost it $1.6 billion in Q3 with end of the tax credit

"The prospects of continued electric vehicle adoption in the US are in an odd place. As promised, the Trump administration and its congressional Republican allies killed off as many of the clean energy and EV incentives as they could after taking power in January. Ironically, though, the end of the clean vehicle tax credit on September 30 actually spurred the sales of EVs, as customers rushed to dealerships to take advantage of the soon-to-disappear $7,500 credit."

"Predictions for EV sales going forward aren't so rosy, and automakers are reacting by adjusting their product portfolio plans. Today, General Motors revealed that will result in a $1.6 billion hit to its balance sheet when it reports its Q3 results late this month, according to its 8-K. Q3 was a decent one for GM, with sales up 8 percent year on year and up 10 percent for the year to the date."

The Trump administration and congressional Republicans eliminated many clean energy and EV incentives after taking power in January. The expiration of the clean vehicle tax credit on September 30 triggered a surge in EV purchases as customers rushed to use the $7,500 credit. Future EV sales forecasts are less optimistic, prompting automakers to revise product portfolios. General Motors disclosed that those adjustments will produce a $1.6 billion hit to its balance sheet in Q3. GM posted an 8 percent year‑over‑year sales gain in Q3 and a 10 percent increase year‑to‑date. GM’s EV unit sales rose 104 percent year‑to‑date, totaling nearly 145,000 vehicles.

Read at Ars Technica