GM’s EV push will cost it $1.6 billion in Q3 with end of the tax credit

GM had hoped to finagle a way to extend the clean vehicle tax credit to its customers by buying them itself and then leasing them to customers. But strong opposition from Republican senator and car dealer Bernie Moreno (R-Ohio) and his colleague John Barasso (R-Md.) saw GM scrap this plan beyond the end of October.

Around the same time, GM’s audit committee approved the $1.6 billion charge due to expectations that EV adoption will decrease in the US. $1.2 billion is due to changes…