GM Posts Strong Third-Quarter Profit, Scraps EV Target

Detroit automaker cites slowing market for battery-powered vehicles and says it is losing $200 million a week on UAW strike

General Motors is abandoning a self-imposed target for the number of electric vehicles it aims to produce through the middle of next year because of softening consumer demand, a surprise move for a company that was an early mover in this space.

The Detroit automaker walked back the goal while reporting a healthy third-quarter profit, despite the hit from the continuing United Auto Workers strike. The walkout, whichThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.

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