General Motors will record a negative impact of $1.6 billion in its next quarter after tax incentives for electric vehicles were slashed by the U.S. and rules governing emissions are relaxed.

Shares fell less than 2% before the opening bell Tuesday.

The EV tax credit ended last month. The clean vehicle tax credit was worth $7,500 for new EVs and up to $4,000 for used ones.

Meanwhile, the Environmental Protection Agency has been working on easing rules aimed at cleaning up auto tailpipe emissions as the Trump administration move to undo incentives for automakers to go electric. President Donald Trump has also challenged federal EV charging infrastructure money and blocked California’s ban of new gas-powered vehicle sales. It adds up to less pressure on automakers to continue evolving the

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