WSJ Tech News Briefing – Tech Minute: GM Expects Smaller EV Losses

Date: October 21, 2025
Host: Zoe Culkin

Episode Overview

This Tech Minute episode gives listeners a rapid-fire update on three major tech business stories: General Motors’ revised outlook for EV losses, the soaring profits of Chinese battery giant CATL, and growing concerns about energy demand and antitrust scrutiny linked to data centers and AI.

Key Discussion Points & Insights

1. General Motors’ EV Strategy and Financial Update

• GM’s stock saw a notable increase after the company released new guidance, signaling that future losses from electric vehicles will be smaller than previously expected.
• Last week, GM announced a $1.6 billion charge for “underused EV and battery factory equipment” (00:16) — a direct result of lower-than-anticipated EV demand after the expiration of the U.S. federal EV subsidy.
  • Quote:

    "There was a time when GM planned to assemble more than three times as many EVs this year as it’s currently on track to make."
    — Zoe Culkin [00:28]

• Despite hitting a record for EV sales this quarter, GM is now “coming to grips with its over investment in the technology.” [00:33]
• Key takeaway: The company is course-correcting after overestimating market demand and adjusting to a post-subsidy consumer landscape.

2. Contemporary Amperex Technology (CATL) Profits Soar

• CATL, the world’s largest EV battery maker, reported a 41% jump in Q3 profit (about $2.6 billion), with revenues up 13%. [00:41]
• The company is benefiting from continued strong growth in China’s EV market, with its stock rising over 40% this year.
  • Quote:

    "The company is a key beneficiary of the EV sector's growth in China, with its stock rising more than 40% so far this year."
    — Zoe Culkin [00:54]

• Insight: While U.S. automakers like GM struggle with EV demand, Chinese battery producers are thriving amid robust local market momentum.

3. Data Centers, AI, and Antitrust Scrutiny

• The explosive growth of AI and data centers is fueling unprecedented demand for electricity.
• Tech giants are engaging in massive “power purchase agreements” to lock in energy supply and minimize risks in connecting to electric grids. [01:04]
• Jonathan Kanter, former DOJ Antitrust official, voiced concerns over the concentration of power in a few large tech firms:
  • Quote:

    "In an interview, former DOJ antitrust official Jonathan Kanter said he's alarmed by the risk of these circular investments."
    — Zoe Culkin [01:13]

• Key point: Regulators are starting to pay closer attention to possible anticompetitive risks tied to energy usage and infrastructure as the AI boom continues.

Notable Quotes & Memorable Moments

• [00:28]

  "There was a time when GM planned to assemble more than three times as many EVs this year as it’s currently on track to make." — Zoe Culkin

• [00:54]

  "The company is a key beneficiary of the EV sector's growth in China, with its stock rising more than 40% so far this year." — Zoe Culkin

• [01:13]

  "In an interview, former DOJ antitrust official Jonathan Kanter said he's alarmed by the risk of these circular investments." — Zoe Culkin

Key Timestamps

• 00:08 – GM shares jump after updated EV loss guidance
• 00:16 – GM’s $1.6 billion charge for overbuilt EV/battery capacity
• 00:28 – Historical GM EV production plans vs. current reality
• 00:36 – GM’s record EV sales (but still grappling with low demand)
• 00:41 – CATL reports soaring Q3 profits and revenue growth
• 00:51 – CATL stock jumps parallel to Chinese EV boom
• 01:04 – Data center energy demand, tech firms’ energy deals
• 01:13 – Jonathan Kanter warns of antitrust risks from energy investments

Summary

In less than two minutes, this Tech Minute succinctly highlights:

• GM’s scaling back of earlier EV ambitions, recognizing overinvestment in a tougher market
• China’s battery leader CATL thriving on a booming domestic EV sector
• The looming regulatory scrutiny over tech giants’ AI-fueled energy consumption and power market strategies

The tone is brisk, newsy, and focused on the intersection of business strategy, technology, and regulation—delivering high-level insights for business-minded listeners looking to stay on top of fast-moving industry shifts.