GM reports $1.6B hit from now-unused EV investments

GeneralMotorsCo.onTuesdayreportedthatitsunkroughly$1.6billionintoelectricvehiclemanufacturingcapacitythatitnolongerisusingbecauseofshiftingfederalautopoliciesunderPresidentDonaldTrump. GMreportedthelosstotheSecuritiesandExchangeCommissionaswhat’sknownasanimpairmentcharge.Impairmentchargesreflectassetsthatarenotexpectedtobringinprofitsasinitiallyexpected. GM“madesignificantinvestmentsandcontractualcommitmentsinthedevelopmentofelectricvehicles(EVs)tohelptheCompany’svehiclefleetcomplywithemissionsandfueleconomyregulationsthatwerescheduledtobecomeincreasinglystringent,”accordingtoacompanyfiling. “FollowingrecentU.S.Governmentpolicychanges,includingtheterminationofcertainconsumertaxincentivesforEVpurchasesandthereductioninthestringencyofemissionsregulations,weexpecttheadoptionrateofEVstoslow,”accordingtoGM’sfiling.“Thesedevelopmentshavecausedustoreassess