CNBC's Phil LeBeau joins 'Squawk Box' with the latest news from General Motors.
Automaker cites end of government-funded subsidies and regulatory mandates that fueled electric-vehicle growth.
General Motors said on Tuesday it will incur charges totaling $1.6 billion in the third quarter as it realigns its electric-vehicle capacity and manufacturing as a result of softer demand.
General Motors' third quarter results next week will include a $1.6 billion impact from its all-electric vehicle plans not playing out as planned. GM's EV charges comes more than a year after crosstown rival Ford Motor announced a $1.9 billion impact from changing its EV plans.
General Motors (GM) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
The automaker has quietly seeded the revival of the domestic magnet industry, locking down supply amid trade tensions.
GM sold over 66,000 EVs in the U.S. during Q3, marking its highest quarterly EV sales ever.
General Motors reported a 7.7% rise in its U.S. auto sales during the third-quarter on Wednesday, aided by strong demand for electric vehicles and SUVs.
Shares of General Motors ( NYSE:GM ) gained 5.83% over the past month after gaining 9.92% the month prior.
Analysts see plenty of catalysts on the horizon, including the elimination of a rule regulating greenhouse gases.
General Motors Company (NYSE:GM) is planning to stop production of two electric Cadillac SUVs at its assembly plant in Spring Hill, Tennessee, during the month of December, Reuters reported on Thursday. The move is likely motivated by the Trump administration's decision to withdraw federal support for electric vehicles.
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