General Motors serves $1 billion bite to Trump tariffs
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Auto giant General Motors reported lower second-quarter profits Tuesday following a $1.1 billion hit from US tariffs but confirmed its full-year forecast.The results topped analyst estimates, but GM cautioned that profits in the second half of 2025 would be lower than in the first semester.The US automaker pointed to sales growth in North America where new and revamped trucks and sport utility vehicles sold briskly with solid pricing. GM was among the carmakers that benefited from a surge in demand this spring from consumers who wanted to beat US tariffs.Profits overall fell 35.4 percent to $1.9 billion year-on-year, while revenues dipped 1.8 percent to $47.1 billion.The tariff hit in the second quarter reflected that there were "minimal mitigation offsets," GM said in a slide presentation.The Detroit-based company's outlook for a weaker second half of 2025 reflects "seasonally lower" volumes, increased spending on vehicle launches and the presence of two quarters with a tariff hit, compared to just one.GM expects annual operating income of between $10 billion and $12.5 billion after notching $6.5 billion in the first half of the year.Chief Executive Mary Barra said the company is revamping some operations in light of tariffs, pointing to a June announcement to invest $4 billion in US assembly plants to build more vehicles in the United States The move will "help us satisfy unmet customer demand, greatly reduce our tariff exposure, and capture upside opportunities as we launch new models ," Barra said.Shares of GM fell 3.3% in pre-market trading.
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Time of India
41 minutes ago
- Time of India
Early rains, Pak conflict hit Coke's India biz: CEO
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Mint
2 hours ago
- Mint
Small-cap stock under ₹100 to be in focus on Wednesday; here's why
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Time of India
2 hours ago
- Time of India
Private banks' yields on advances dip on faster rate transmission
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