financetom
Business
financetom
/
Business
/
General Motors to Cut EV Production Amid Weak Market, Tax Credit Rollback
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
General Motors to Cut EV Production Amid Weak Market, Tax Credit Rollback
Sep 4, 2025 9:09 AM

11:56 AM EDT, 09/04/2025 (MT Newswires) -- General Motors ( GM ) is cutting production at its electric vehicle factories as the automaker adjusts to slowdown in the EV market and upcoming expiry of federal EV tax credits.

"General Motors ( GM ) is making strategic production adjustments in alignment with expected slower EV industry growth and customer demand by leveraging our flexible ICE and EV manufacturing footprint," a GM spokesperson said in a statement e-mailed to MT Newswires Thursday.

The company will halt production of the Cadillac Lyriq and Vistiq SUVs in December and temporarily lay off one shift of workers to operate on a single shift for the first five months of 2026 at its Tennessee plant, Reuters reported, citing sources familiar with the matter.

General Motors ( GM ) will also idle the plant for a week in October and November, the report said.

Additionally, the automaker will begin production of Chevrolet Bolt EV at its Kansas factory on a single shift later this year instead of two initially planned, according to the report.

The adjustments follow weakening demand and a tax and spending law passed by the Trump administration in July that withdrew a $7,500 consumer tax credit for electric vehicles.

The federal EV tax credit is set to expire on Sept. 30.

Price: 57.92, Change: +0.16, Percent Change: +0.29

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Dundee Precious Metals Meets Annual Gold Production Guidance for 10th Straight Year
Dundee Precious Metals Meets Annual Gold Production Guidance for 10th Straight Year
Jan 8, 2025
08:39 AM EST, 01/08/2025 (MT Newswires) -- Dundee Precious Metals ( DPMLF ) hits its gold production guidance for a tenth straight year in 2024. The company on Wednesday said it produced 70,900 tonnes of gold in the fourth quarter for a full-year total output of 261,300 ounces, within the production target of 245,000 to 285,000 ounces. We ended 2024...
Vir Biotechnology Says Initial Phase 1 Data From Two Dual-Masked T-Cell Engagers Show 'Encouraging' Safety, Efficacy Profiles; Shares Up Pre-Bell
Vir Biotechnology Says Initial Phase 1 Data From Two Dual-Masked T-Cell Engagers Show 'Encouraging' Safety, Efficacy Profiles; Shares Up Pre-Bell
Jan 8, 2025
08:41 AM EST, 01/08/2025 (MT Newswires) -- Vir Biotechnology ( VIR ) said Wednesday that initial phase 1 data from two of its dual-masked T-cell engagers, VIR-5818 and VIR-5500, showed encouraging safety and efficacy profiles. For VIR-5818, which targets various HER2-expressing solid tumors, data showed that half of patients getting doses of at least 400 micrograms per kilogram experienced dose-dependent...
Novo Nordisk, Valo Health Expand Collaboration to Include Obesity, Diabetes Programs
Novo Nordisk, Valo Health Expand Collaboration to Include Obesity, Diabetes Programs
Jan 8, 2025
08:38 AM EST, 01/08/2025 (MT Newswires) -- Novo Nordisk ( NVO ) and Valo Health said Wednesday that they plan to discover and develop new treatments for obesity, type 2 diabetes, and cardiovascular disease. The collaboration is an expansion of an agreement the companies signed in 2023 to develop up to 11 drug programs mainly concerning cardiovascular disease. Under the...
Nexstar Media Group Renews NBC Television Affiliation Agreement
Nexstar Media Group Renews NBC Television Affiliation Agreement
Jan 8, 2025
08:40 AM EST, 01/08/2025 (MT Newswires) -- Nexstar Media Group ( NXST ) said Wednesday it has renewed a multi-year affiliation agreement with Comcast's ( CMCSA ) NBC Television for 33 stations. The company said it owned 29 of the 33 aforementioned stations. Financial terms were not provided. ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved