GM’s EV push will cost it $1.6 billion in Q3 with end of the tax credit

The prospects of continued electric vehicle adoption in the US are in an odd place. As promised, the Trump administration and its congressional Republican allies killed off as many of the clean energy and EV incentives as they could after taking power in January. Ironically, though, the end of the clean vehicle tax credit on September 30 actually spurred the sales of EVs, as customers rushed to dealerships to take advantage of the soon-to-disappear $7,500 credit.

Predictions for EV sales going forward aren’t so rosy, and automakers are reacting by adjusting their product portfolio plans. Today, General Motors revealed that will result in a $1.6 billion hit to its balance sheet when it reports its Q3 results late this month, according to its 8-K.

Q3 was a decent one for GM, with sales up 8 percent year on year and up 10 percent for the year to date. GM EV sales look even better: up 104 percent for the year to date compared to the first nine months of 2024, with nearly 145,000 electric Cadillacs, Chevrolets, and GMCs finding homes.

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