GM Scales Back EV Plans as Buyers Hesitate


Updated Oct. 24, 2023 12:28 pm ET

General Motors is abandoning a self-imposed target to build 400,000 electric vehicles by mid-2024, the latest sign that automakers are concerned about the viability of the market for battery-powered cars.

The Detroit automaker walked back the goal while reporting a healthy third-quarter profit, despite the hit from the continuing United Auto Workers strike. The walkout, which began in mid-September, is now costing GM about $200 million a week in profit.

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