GM Scraps EV Target, Posts Strong Third-Quarter Profit

General Motors is abandoning a self-imposed target to build 400,000 electric vehicles by mid-2024, the latest sign that automakers are concerned about the viability of the market for battery-powered cars.

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, which began in mid-September, is now costing GM about $200 million a week in profit.