GM Takes $6 Billion Hit as EV Ambitions Cool Under Trump-Era Policies. General Motors says it will take a $6 billion charge after scaling back major electric vehicle investments, becoming the latest automaker to retreat from aggressive EV plans. The hit is largely tied to reduced EV production targets and costly contract cancellations across its supply chain, after demand weakened and government incentives disappeared. More than $4 billion of the charge is cash-related, mainly settlements with suppliers who had prepared for much higher output. GM insists it's not abandoning EVs entirely. The company says its lineup of around a dozen electric models — the broadest in the US — will remain on sale, even as it adjusts its long-term strategy. The pullback follows similar moves by Ford, which recently announced a far larger EV writedown. Analysts say the end of the $7,500 federal EV tax credit, combined with shifting consumer preferences toward hybrids and gas-powered trucks, has forced automakers to rethink. For GM, once all-in on an electric future, the message is clear: ambition now has to follow demand.