00:00It's Benzinga bringing Wall Street to Main Street
00:02General Motors said Thursday it will record $7.1 billion in special charges in the fourth
00:08quarter related to reduced electric vehicle plans and restructuring in China, according
00:12to CNBC.
00:14The company said about $6 billion is tied to EV strategy changes amid weaker demand, while
00:19$1.1 billion relates to a Chinese joint venture overhaul, including $500 million in cash.
00:26The charges will reduce net income, but not adjusted results.
00:29GM said $1.8 billion of the EV charges are non-cash, with $4.2 billion tied to supplier settlements
00:37and contract cancellations.
00:38GM expects additional EV-related charges in 2026 at lower levels.
00:43The automaker may also face charges tied to emissions credits under proposed regulatory
00:48changes.
00:49Shares closed at $85.13, up nearly 4%.
00:53For all things money, visit Benzinga.com.
