General Motors said on Thursday it would take a $6 billion charge to unwind some electric-vehicle investments, the latest car company to pull back from EVs in response to the Trump administration's policies and fading demand.
通用汽车周四表示，将就部分电动车投资计提约60亿美元的减值费用。这是在特朗普政府政策变化及需求减弱影响下，最新一家收缩电动车业务的汽车制造商。
The charge stems from reducing its planned EV production and the fallout on the supply chain, GM said in a regulatory filing, and comes weeks after rival Ford Motor announced a similar but much bigger charge.
通用在一份监管文件中称，此次减值主要源于削减原定的电动车生产计划，以及由此对供应链造成的影响。就在几周前，福特汽车也宣布了类似但规模更大的减值。
Most of GM's writedown - a $4.2 billion cash charge - is related to contract cancellations and settlements with suppliers, who had planned for much higher production volumes before the market turned.
通用的大部分减值费用——约42亿美元的现金支出——与取消合同以及向供应商支付和解费用有关。这些供应商在市场转向前曾建立了更高的产能。
GM said the writedown would not affect its U.S. lineup of roughly a dozen EV models, which is the industry's broadest offering of battery-powered vehicles. "We plan to continue to make these models available to consumers," it said in its filing.
通用表示，此次减值不会影响其在美国市场推出的约12款电动车型，这是业内覆盖面最广的纯电动车产品线。“我们计划继续向消费者推出这些车型，”公司在文件中表示。
The company will record the charge as a special item in its fourth-quarter earnings report. It expects to incur additional charges in 2026 as a result of negotiations with its supply base, but expects them to be less than its 2025 EV charges.
通用将把这笔费用列为四季度财报中的一次性特殊支出。通用预计，2026年在与供应链伙伴谈判过程中仍可能产生额外费用，但数额将低于2025年。
Shares fell 2% in after-hours trading. They ended the regular session on Thursday up 3.9% at $85.13.
受此影响，通用汽车股价在盘后交易中下跌2%。不过，周四常规交易时段股价收涨3.9%，报85.13美元。
GM PLACED A BIG BET ON EVS
通用汽车曾大举押注电动车
Many automakers, including GM's crosstown rival, Ford, have been dialing back factory work on EVs since last summer, when U.S. President Donald Trump's massive tax and spending package darkened the outlook for the EV market.
包括同样位于底特律的福特在内的多家车企，自去年夏天以来纷纷缩减电动车产能。当时，特朗普推出的大规模税收和支出法案令电动车市场前景蒙上阴影。
Sales of battery-powered vehicles have cratered following the elimination on September 30 of a $7,500 federal tax credit for EV buyers.
随着9月30日面向电动车的7500美元联邦税收抵免政策被取消，纯电动车销量出现断崖式下滑。
Ford in December said it would take a $19.5 billion writedown over several quarters as it canceled several EV programs, including the fully electric version of its F-150 Lightning truck and an additional electric truck and van.
福特在去年12月表示，将在未来几个季度计提195亿美元的减值费用，因为公司取消了多项电动车项目，包括其F-150 Lightning纯电皮卡，以及另一款电动卡车和电动厢式车。
GM, the largest U.S. automaker by sales, made one of the biggest bets on EVs among global automakers, at one point vowing to essentially phase out internal-combustion cars and trucks by 2035.
作为美国销量最大的汽车制造商，通用汽车曾是全球车企中对电动车押注最为激进的企业之一，一度承诺将在2035年前基本淘汰燃油轿车和卡车。
While the company has not publicly walked back the 2035 goal, analysts have sharply cut the industry's EV sales forecast into the next decade for the U.S., GM's largest and most profitable market. GM CEO Mary Barra has said the company will respond to customer demand.
尽管公司尚未公开撤回2035年的目标，但分析师已大幅下调未来十年美国电动车销量的行业预测。美国是通用最大、盈利能力最强的市场。通用CEO玛丽·博拉表示，公司将根据消费者需求作出调整。
GM's EV sales had started gaining traction in late 2024 after years of manufacturing setbacks. The company rolled out more lower-cost offerings, helping it reach No. 2 in sales behind Tesla.
在经历多年生产问题后，通用的电动车销量在2024年底开始显现起色。公司推出了更多低价车型，使其电动车销量排名升至全美第二，仅次于特斯拉。
The company also said on Thursday that it would record a $1.1 billion charge in the fourth quarter related to its ongoing restructuring of its China joint venture.
通用还在周四表示，将在四季度就其中国合资企业重组相关事项计提11亿美元费用。
The automaker began writing down some EV-related investments last year, including a $1.6 billion third-quarter charge. This month, GM halted production of EV batteries at two joint-venture plants for six months and cut production to one shift at an EV-only factory in Detroit.
事实上，通用去年就已开始对部分与电动车相关的投资进行减值处理，其中包括三季度计提的16亿美元费用。本月，通用暂停了两家合资电池工厂的生产，为期六个月，并将底特律一家纯电动期车工厂的产能削减至单班制。
The company also pivoted away from plans for another Michigan factory that was slated to build EVs, and instead will build the Cadillac Escalade and full-size pickups, it has said.
此外，公司还放弃了原计划在密歇根州新建一座电动车工厂的方案，转而在该厂生产凯迪拉克Escalade以及全尺寸皮卡。
GM gained U.S. market share in 2025 on the strength of its gas-powered large pickups and SUVs, and its EVs, but some analysts have questioned the automaker's decision to focus on fully electric vehicles instead of hybrids.
凭借燃油版大型皮卡和SUV，以及电动车，通用在2025年提升了其在美国市场的份额。不过，一些分析师对通用将重心放在纯电动车而非混合动力车型的战略提出了质疑。
"GM's lack of hybrid exposure could partially reverse recent market share gains," CFRA equity analyst Garrett Nelson said in a research note on Thursday, citing the surging popularity of hybrid vehicles.
CFRA股票分析师Garrett Nelson在周四的一份研究报告中表示：“通用在混动领域的缺位可能部分逆转其近期市场份额增长。”他指出，混合动力车型的受欢迎程度正在迅速上升。
EV SALES ARE DOWN INDUSTRYWIDE
电动车销量全行业下滑
GM's EV sales dropped 43% in the fourth quarter after the loss of the consumer tax credit. Sales hit record highs in the previous three months, when customers rushed to buy EVs before the credit ended.
在购车税收抵免政策取消后，通用四季度的电动车销量同比大跌43%。而在此前的三个月里，由于消费者赶在补贴结束前购车，电动车销量一度创下历史新高。
EV sales across the industry increased 1.2% in 2025 from the previous year, according to research firm Omdia, a much slower growth rate than previous years.
研究机构Omdia的数据显示，2025年美国全行业电动车销量同比仅增长1.2%，增速明显低于此前几年。
Automotive data provider Edmunds expects EVs to account for about 6% of overall U.S. vehicle sales in 2026, down from 7.4% in 2025.
汽车数据公司Edmunds预计，2026年电动车将占美国汽车总销量的约6%，低于2025年的7.4%。
Ford's shift, in which it essentially killed off its entire planned second generation of EVs, resulted in a much higher charge.
相比之下，福特基本取消了原计划中的第二代电动车项目，导致其计提了更高规模的减值费用。
Ford CEO Jim Farley said it was a painful but necessary move as the market cooled.
福特首席执行官Jim Farley表示，在市场降温的背景下，这是一个“痛苦但必要”的决定。
"When the market really changed over the last couple of months, that was really the impetus for us to make the call," Farley told Reuters in a December interview.
“过去几个月市场发生了真正的变化，这正是我们作出这一决定的主要原因，” Farley在去年12月接受路透社采访时表示。
Ford is now setting its EV hopes on a brand-new architecture that will enable the production of affordable models, starting with a $30,000 electric pickup in 2027.
目前，福特将电动车发展的希望寄托在全新的架构上，该架构将推出更具性价比的车型，首款车型预计为一款售价约3万美元的电动皮卡，计划于2027年上市。
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