General Motors will record a negative impact of $1.6 billion in its next quarter after tax incentives for electric vehicles were slashed by the U.S., and rules for emissions are planned to be relaxed.
The AP reports the EV tax credit ended last month. Vehicle owners could take a clean vehicle tax credit worth $7,500 for new EVs and up to $4,000 for used vehicles.
EV vehicles have been heralded as automobiles of the future, but changes in economic and environmental policy under different administrations have made the long-term planning of EVs more challenging.
