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General Motors told investors on Tuesday that it took a $1.1 billion hit from tariffs last quarter. Stellantis, which makes Chrysler, Dodge and Jeep vehicles, told investors on Monday that it felt
Despite a challenging quarter, electric vehicle (EV) sales more than doubled, helped by new models like the electric Chevy Equinox. GM now holds 16% of the U.S. EV market, second to Tesla.
GM is anticipating that the total impact of the tariffs in 2025 will be approximately $4 billion to $5 billion
General Motors said tariffs slashed its second-quarter income by more than $1 billion, and other companies pointed to import duties to explain smaller profits.
General Motors is the latest U.S. auto giant to say tariffs have taken a chunk from their earnings. The company beat earnings expectations on Tuesday, but reported a decline in second-quarter profits, including a $1.1 billion hit as a result of hefty import taxes.
General Motors said it expects the tariff impact to worsen in the third quarter, with a $4 to $5 billion hit to its bottom line.
General Motors has delivered a warning to corporate America, publishing second-quarter earnings that included a shocking impact from auto-industry tariffs on its bottom line.
US stocks were mixed as investors prepared for earnings season to pick up steam, with Big Tech earnings ahead.
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