General Motors Co. (NYSE:GM) CFO Paul Jacobson says that emissions regulations and EV credits encouraged some rivals to sell EVs at lower prices during the company's third-quarter earnings call.
Competitors Selling EVs For ‘Whatever They Could Get'
Speaking to analysts during Tuesday's earnings conference, Jacobson said that there has been a "significant pullback in demand" for electric vehicles since President Donald Trump ended the $7500 Federal EV Credit.
"We had a number of competitors out there that really were selling EVs for whatever they could get for them because they really wanted to get the credits on the environmental side," Jacobson told analysts.
GM's Multi-Billion-Dollar EV Charge
The comments come as GM had earlier shared that it took on a $1.6 billion charge related to EVs. $1.2 billion in charges came from EV capacity adjustments, the company said in an SEC filing recently.
GM's EV Incentive Pullback
GM also pulled back on the proposed extension of EV incentives following the September 30 deadline. The company had earlier planned to offer incentives on EVs by making down payments to dealers on inventory through the company's financing arm before the deadline to qualify the units for the EV credit.
However, GM pulled back the initiative after Sen. Bernie Moreno (R-OH), a former car dealer and GOP lawmaker active in auto policy, expressed concern over the initiative. Following GM, crosstown rival Ford Motor Co. (NYSE:F) also rolled the planned incentives back.
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