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While refunds for IEEPA-levied tariffs haven’t yet been issued, GM has decided to book US$500m in savings. By Will Girling
After its sudden retreat from electric vehicles (EVs) took a big chunk out of 2025 earnings, General Motor’s Q1 2026 report showed that this particular cash haemorrhage is being stemmed. The company booked a US$1.1bn charge to pay off suppliers for contract cancellations, hitting quarterly EBIT, but it stated 90% of claims have now been recorded and the majority will be settled by Q2.
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