General Motors Company said in a filing with the US Securities and Exchange Commission (SEC) on Thursday that it expects to record $7.1 billion in special charges for the fourth quarter of its fiscal 2025.
The carmaker stressed that $6 billion in charges is expected to be related to changes in its electric vehicle plans, including "non-cash impairments and other non-cash charges of approximately $1.8 billion, as well as supplier commercial settlements, contract cancellation fees, and other charges of approximately $4.2 billion, which will have a cash impact when paid."
Meanwhile, GM is also set to record another $1.1 billion in charges not related to EVs for the three-month period ending December 31, mostly related to the previously announced restructuring of its Chinese joint venture SAIC General Motors Corporate Limited and an additional legal accrual. These charges are expected to have a $500 million cash impact when paid, the company noted.
GM shares slid by more than 2% in after-hours trading following the announcement.
https://breakingthenews.net/Article/GM-expects-to-record-dollar7.1-billion-in-charges-in-Q4/65450236
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