General Motors faces a $1.6 billion impact from underperforming EV plans, with $1.2 billion in noncash charges and $400 million in cash related to contract cancellations. Additional charges may be announced in future quarters. GM’s early EV investments didn’t culminate, as changing regulations impact EV adoption rates. Ford also faced a $1.9 billion impact from EV plans, including write-downs and delays. GM leads in U.S. EV models but trails Tesla in market share.

Read more at CNBC: GM to take $1.6 billion charge related to EV pullback