Tag: investors government policies

Companies hit the brakes on EVs, laying off thousands of workers

In recent weeks, automakers and other companies in the vehicle space are pulling back their investments in electric vehicles (EVs), including laying off workers in multiple states. The moves come in the wake of Republicans’ One Big Beautiful Bill Act, which repealed incentives for consumers to buy electric cars. GM in particular is set to lay off 1, 200 workers from its Detroit plant and another 550 from its Ultium Cells plant in Ohio. Meanwhile, another 850 are being temporarily laid off from the Ohio Ultium Cells plant and another 710 being temporarily let go from an Ultium factory in Tennessee. While those.