GM Posts Strong Third-Quarter Profit, Scraps EV Target

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