Di Yi Cai Jing·2026-01-09 11:29Core Viewpoint - The shift in U.S. electric vehicle policy under the Trump administration has led to significant financial losses for major Detroit automakers, General Motors and Ford, prompting them to adjust their electric vehicle strategies [2][3]. Group 1: Financial Impact - General Motors reported a $7.1 billion impairment loss for Q4 2025, with approximately $6 billion attributed to cuts in electric vehicle plans and $1.1 billion related to restructuring its Chinese joint ventures [2]. - The breakdown of General Motors' $6 billion electric vehicle loss includes $1.8 billion in non-cash expenses and $4.2 billion related to supplier settlements, contract cancellations, and other associated costs [2]. - Ford announced a larger asset write-down of approximately $19.5 billion, directly linked to its shift in business focus and reduced electric vehicle investments, including $8.5 billion for canceled electric vehicle models and $6 billion for dissolving its battery joint venture with SK On [2][3]. Group 2: Market Environment - The Biden administration had previously promoted electric vehicle adoption with supportive policies, leading both General Motors and Ford to set ambitious electric vehicle development plans, including GM's $30 billion investment and a goal to phase out gasoline vehicles by 2035 [3]. - The Trump administration's policy reversal prioritized traditional energy industries and ended the $7,500 federal tax credit for electric vehicles, resulting in a significant drop in electric vehicle sales in Q4 of the previous year [3]. - General Motors' electric vehicle sales in Q4 were 25,000 units, a 43% year-over-year decline, while Ford's sales were 14,500 units, reflecting a 52% drop [3]. Group 3: Future Projections - General Motors has already incurred $1.6 billion in related expenses in Q3 of the previous year, leading to a total estimated loss of $7.6 billion due to electric vehicle business reductions by 2025 [4]. - The combined losses for both General Motors and Ford have reached approximately $27.1 billion (around 189.2 billion yuan) [4]. - General Motors anticipates additional electric vehicle-related expenses in 2026, although these are expected to be lower than in 2025, while Ford expects to incur $5.5 billion in cash expenses related to its electric vehicle strategy through 2027 [4].