General Motors said Tuesday that it plans to take a $1.6 billion charge in the third quarter as it revamps its electric vehicle strategy as the end of the federal government's EV tax credit is expected to slow demand.

GM's move comes as automakers are reworking their plans for producing EVs after consumer demand softened over the last two years.

The Trump administration's move to end the $7,500 federal tax credit for EVs , which helped support the emerging industry, prompted executives to warn about a drop-off in consumer demand.

GM said in a filing that it expects "the adoption rate of EVs to slow" following the recent policy shifts, which included not only the termination of the tax incentive but also a move to roll back an emissions rule that was expected to push automakers to

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