General Motors said Thursday it will record $7.1 billion in special charges for the fourth quarter of last year related to its pullback in electric vehicles and restructuring efforts in China.
The Detroit automaker said in a public filing that the charges include roughly $6 billion related to changes to its EV plans amid weakening demand and $1.1 billion, including $500 million in cash, largely related to its previously announced overhaul of a Chinese joint venture.
The charges will impact GM’s net income but not adjusted results. The announcement was broadly anticipated after the Detroit automaker in October said it was reevaluating its EV plans and would initially take a $1.6 billion charge during the third quarter as a result.
Read Article