General Motors (GM) has cut over 1,000 jobs at its all-EV assembly plant in Detroit-Hamtramck, Michigan, as it "rightsizes" its electric vehicle production amid shifting consumer tastes. The company has initiated multiple layoffs, some temporary and some indefinite, affecting thousands of employees in 2026. This comes as the U.S. market for electric vehicles (EV) continues to decline, with the government letting the $7,500 EV tax credit expire in September. GM expects a "benefit" of $1 billion to $1.5 billion due to the actions it has taken to rightsize its EV capacity. Despite billions in EV-related charges, the company plans to buy back $6 billion in shares in 2020.