With the loss of the $7,500 Electric Vehicle Tax Credit, it looks as if Tesla CEO Elon Musk was right all along.

 

As the tax credit’s loss starts to take effect, car companies that have long relied on the $7,500 credit to create sales for themselves are starting to adjust their strategies for sales and their overall transition to electrification.

 

On Tuesday, General Motors announced it would include a $1.6 billion charge in its upcoming quarterly earnings results from its EV investments.