GM discloses $6bn hit from transition to EV and China restructuring

General Motors (GM) has disclosed a $6 billion hit due to its transition to electric vehicles (EV) and restructuring in China. The company claims to have proactively reduced EV capacity, indicating a strategic move to mitigate losses. This move may have a short-term impact on GM's financials but could position the company for long-term success in the EV market.