General Motors (GM), one of the largest automakers in the world, has recently announced a significant setback in its electric vehicle (EV) investments. The company has taken a $1. 6 billion hit on its EV investments due to changes in US policy, leading to a reassessment of its EV capacity and manufacturing footprint (Daily Sabah, 2023). This development comes as a surprise, especially considering GM's ambitious plans to transition to an all-electric lineup. In November 2020, GM CEO Mary Barra made a bold commitment to have the company's cars and trucks emissions-free by 2035, shortly after Joe Biden's presidential election win (GM, 2021). Biden's platform included aggressive policies to combat climate change, which likely influenced GM's decision to invest heavily in EVs. In January 2021, Barra stated, "General Motors is joining governments and companies around the globe working to establish a safer, greener and better world" (GM, 2021). The company had emphasized the flexibility of its auto plants, which were designed to produce both EVs and conventional gasoline-powered vehicles. The $1. 6 billion hit on EV investments is a significant blow to GM's electrification plans.
Following recent government actions, "we expect the adoption rate of EVs to slow," said the filing, which added the company will "reassess our EV ...Alternative viewpoints and findings: Visit website
