Latest news with #ChevyBlazer
Straits Times
6 days ago
- Automotive
- Straits Times
Trump tariffs take $1.4 billion bite out of GM earnings
General Motors is so far keeping pricing consistent and absorbing added tariff costs rather than passing them on to customers. Bengaluru - General Motors' second-quarter earnings took a US$1.1-billion (S$1.4 billion) hit from tariffs, but the automaker still beat analyst expectations for the period on July 22, supported by strong sales of its core petrol trucks and SUVs. The largest US automaker by sales said it expects the tariff impact to worsen in the third quarter and stuck to a previous estimate that trade headwinds threaten to hit the bottom line by US$4 billion to US$5 billion in 2025. GM said it could take steps to mitigate at least 30 per cent of that impact. The automaker's revenue in the quarter ended June 30 fell nearly 2 per cent to about US$47 billion from a year ago. Its adjusted earnings before interest and taxes fell 32 per cent to US$3 billion. GM was among corporations that revised annual guidance due to the impact from US President Donald Trump's tariffs, lowering it to an annual adjusted core profit of between US$10 billion and US$12.5 billion. The company on July 22 stood by that forecast. Analysts said GM may need to cut investment in future projects or find other ways to trim spending to offset the effect of tariffs. The automaker is so far keeping pricing consistent and absorbing added tariff costs rather than passing them on to customers. The automaker imports about half of the vehicles it sells in the United States, mainly from Mexico and South Korea. GM announced in June that it would invest US$4 billion at three US facilities in Michigan, Kansas, and Tennessee, including a plan to move production of the Cadillac Escalade and increase output of its two big pickup trucks. It added production of its previously Mexico-produced Chevy Blazer to the Tennessee plant. Crosstown rival Ford produces about 80 per cent of its US-sold vehicles domestically. Ford is expected to report second-quarter results next week Top stories Swipe. Select. Stay informed. Business Singapore's digital banks finding their niche in areas like SMEs as they narrow losses in 2024 World Trump says US will charge 19% tariff on goods from Philippines, down from 20% Singapore Two found dead after fire in Toa Payoh flat Singapore 2 foreigners arrested for shop theft at Changi Airport Opinion Most companies onboard wrong – here's how to get it right Life Ozzy Osbourne, Black Sabbath's bat-biting frontman turned reality TV star, dies aged 76 Singapore Singaporeans continue to hold world's most powerful passport in latest ranking Singapore Ports and planes: The 2 Singapore firms helping to keep the world moving Jeep-maker Stellantis on July 21 warned that tariffs would significantly affect results in the second half of 2025, and said tariffs cost it about 300 million euros in the first half of the year. Beyond tariffs, GM's underlying business in the quarter was solid. Sales in the US market – its main source of profit – rose 7 per cent. GM also swung back to a small profit in China, after losing money there a year earlier. GM took several steps in recent months to bolster its combustion-engine operations through increased investment in its US factory base, calling into question its goal of ending the production of petrol-powered cars and trucks by 2035. Car companies are increasingly shifting their focus to bolstering the core lineup of petrol trucks and SUVs, as the growth rate of electric vehicle sales has slowed. Demand for battery-powered models already has slowed after rapid growth earlier this decade. The trend is intensified by the pending disappearance of government support for the battery-powered models. Sweeping tax and budget legislation approved by Congress will eliminate US$7,500 tax credits for buying or leasing new EVs and a US$4,000 used-EV credit at the end of September. Mr Trump also signed tax and budget legislation that eliminates fines for failures to meet fuel economy rules, a move that makes it easier to build more gas-powered vehicles. 'Despite slower EV industry growth, we believe the long-term future is profitable electric vehicle production, and this continues to be our north star,' GM chief executive officer Mary Barra told analysts on July 22. REUTERS
New York Post
6 days ago
- Automotive
- New York Post
GM profit hurt by over $1B in tariffs — and shares tumble as impact expected to worsen
General Motors' second-quarter earnings took a $1.1 billion hit from tariffs, but the automaker still beat analyst expectations for the period, supported by strong sales of its core gasoline trucks and SUVs. The largest US automaker by sales said it expects the tariff impact to worsen in the third quarter and stuck to a previous estimate that trade headwinds threaten to hit the bottom line by $4 billion to $5 billion. GM said it could take steps to mitigate at least 30% of that impact. Shares fell about 6% in early trading. 3 GM's revenue in the quarter fell nearly 2% to about $47 billion from a year ago. Its quarterly adjusted earnings per share fell to $2.53 compared with $3.06 a year earlier. Bloomberg via Getty Images The automaker's revenue in the quarter ended June 30 fell nearly 2% to about $47 billion from a year ago. Its quarterly adjusted earnings per share fell to $2.53 compared with $3.06 a year earlier. Analysts on average expected adjusted profit of $2.44 per share, according to data compiled by LSEG. Its adjusted earnings before interest and taxes fell 32% to $3 billion. GM was among corporations that revised annual guidance due to the impact from President Trump's tariffs, lowering it to an annual adjusted core profit of between $10 billion and $12.5 billion. The company on Tuesday stood by that forecast. Beyond tariffs, GM's underlying business in the quarter was solid. Sales in the US market – its main profit center – rose 7%, while the company continued to command strong pricing on its pickup trucks and SUVs. GM swung back to a small profit in China, after losing money there a year earlier. Analysts said GM may need to cut investment in future projects or find other ways to trim spending to offset the effect of tariffs. Jeep-maker Stellantis on Monday warned that tariffs would significantly affect results in the second half of 2025, and said tariffs cost it about 300 million euros in the first half of the year. Shares of rival Ford Motor, and US-traded shares of Stellantis fell about 1% Tuesday morning. 3 Analysts said GM may need to cut investment in future projects or find other ways to trim spending to offset the effect of tariffs. CEO Mary Barra, above. AP The automaker took several steps in recent months to bolster its combustion-engine operations through increased investment in its US factory base, calling into question its goal of ending the production of gas-powered cars and trucks by 2035. 'Despite slower EV industry growth, we believe the long-term future is profitable electric vehicle production, and this continues to be our North Star,' GM CEO Mary Barra told analysts Tuesday. GM announced in June that it would invest $4 billion at three facilities in Michigan, Kansas, and Tennessee, including a plan to move production of the Cadillac Escalade and increase output of its two big pickup trucks. It added production of its previously Mexico-produced Chevy Blazer to the Tennessee plant. The automaker imports about half of the vehicles it sells in the US, mainly from Mexico and South Korea. Crosstown rival Ford produces about 80% of its US-sold vehicles domestically. Ford is expected to report second-quarter results next week. 3 GM imports about half of the vehicles it sells in the US, mainly from Mexico and South Korea. REUTERS Car companies are increasingly shifting their focus to bolstering the core lineup of gas trucks and SUVs, as the growth rate of EV sales has slowed. Demand for battery-powered models already has slowed after rapid growth earlier this decade. The trend is intensified by the pending disappearance of government support for the battery-powered models. Sweeping tax and budget legislation approved by Congress will eliminate $7,500 tax credits for buying or leasing new electric vehicles and a $4,000 used-EV credit at the end of September. Trump also signed tax and budget legislation that eliminates fines for failures to meet fuel economy rules, a move that makes it easier to build more gas-powered vehicles.
CNBC
18-07-2025
- Automotive
- CNBC
'The Office' star Angela Kinsey kept her second job until season three: 'I continued to live small'
Angela Kinsey may have acted in one of the most popular sitcoms of the early 2000s, but even as her first paychecks came in, she didn't rush to make any major lifestyle upgrades, she told CNBC Make It in partnership with AT&T Business. In fact, the 54-year-old actress kept her job in the box office of an improv theatre even after "The Office" was picked up for a second season, says Kinsey, who played accountant Angela Martin. It wasn't until the start of season three that she "finally felt comfortable enough" to quit the side gig, Kinsey says. Her financial caution stems from her larger philosophy about money and savings, she says: save early, spend modestly and always plan for the next job. Even while filming the "Christmas Party" episode in season two, when Kinsey found out "The Office" was the No. 1 downloaded show on iTunes and realized it could be "a hit," she still felt weary of counting on complete financial security from the show, she says. "I just knew that even though I was on a hit show, that I would need to be already thinking ahead and strategizing ahead about what's my next job," Kinsey says. Her advice: "Don't take anything for granted and save."Even once Kinsey officially became a series regular, right after filming the "Booze Cruise" episode in season two, she says, she was still reluctant to make any big purchases and "didn't do anything flashy." So when her 10-year-old Chevy Blazer broke down around that time, she didn't go out and purchase a car that may have signified major Hollywood success. Instead, she opted for a more practical option, she says: a Honda. "I tried to keep a level head now that I had consistent income, knowing that everything has a finite end date and that consistent income would eventually go away, and I didn't want to be stuck with a lot of big purchases," Kinsey says. Plus, she says, as a supporting actress on the show, her salary wasn't "as grandiose as people might think." Kinsey didn't specify a specific amount, but says it was enough for her to start building her savings. She wasn't the only cast member on the show who kept their second job during the series' early days. Kate Flannery, who played Meredith Palmer, continued working as a waitress through the show's first season, she said during a 2018 episode of "Living the Dream with Rory O'Malley," a podcast about show business. Looking back, Kinsey credits her financial responsibility during the show's success for her ability to continue making strides afterward in a "fickle industry," she says. Prioritizing savings allowed her to feel prepared for periods without work, she says. Not spending excessively on a flashy car or quitting her second job before she was ready also allowed her to feel comfortable splurging in other ways — like finally taking her parents on the trip she'd long dreamt of.
RTÉ News
11-06-2025
- Automotive
- RTÉ News
GM to invest $4 billion in three US facilities as it ramps up gas-powered vehicles
General Motors said it is planning to invest about $4 billion over the next two years at three US facilities in Michigan, Kansas and Tennessee as it moves to boost production of gas-powered vehicles amid slowing electric vehicle demand. The company said it will begin production of gas-powered full-size SUVs and light-duty pickup trucks at its Orion Assembly plant in Orion Township, Michigan, in early 2027. Orion Assembly was previously slated to build electric trucks starting next year. The move calls into question GM's plan to end the production of gas-powered cars and trucks by 2035. It was welcomed by the White House, which has imposed significant tariffs on imported vehicles to pressure car makers to move more production to the US. In March, GM CEO Mary Barra met with US President Donald Trump to talk about investment plans and told the president GM needed relief from California emissions and federal fuel economy requirements in order to expand US production, sources told Reuters. Trump is set to sign legislation tomorrow to rescind California's 2035 zero-emission vehicle rules. "No president has taken a stronger interest in reviving America's once-great auto industry than President Trump, and GM's investment announcement builds on trillions of dollars in other historic investment commitments to Make in America," White House spokesman Kush Desai said. GM's Fairfax Assembly plant in Kansas is set to start building the all-electric Chevrolet Bolt by the end of this year, and GM says it will now also build the gas-powered Chevrolet Equinox starting in mid-2027. In a statement, the largest US car maker said it expects to make "new future investments in Fairfax for GM's next generation of affordable EVs." GM last month said it is also investing $888m at a New York propulsion plant to increase gas engine production. At its Spring Hill plant in Tennessee, GM will add production of the gas-powered Chevy Blazer beginning in 2027. It will be built alongside the electric Cadillac Lyriq and Vistiq SUVs as well as the gas-powered Cadillac XT5. The gas-powered Chevrolet Equinox and Blazer are both currently produced in Mexico. The Equinox will continue to be built in Mexico once production starts at US facilities in order to supply markets outside of North America. Mexico's economy minister Marcelo Ebrard said in a social media post he talked with GM and said there is no expectation of any plant closure or layoffs at the automaker's Mexican plants. GM said it expects annual capital spending will be between $10 billion and $12 billion up to 2027, reflecting increased US investment, prioritisation of key programmes and efficiency offsets.
Yomiuri Shimbun
11-06-2025
- Automotive
- Yomiuri Shimbun
GM to Invest $4 Billion in Three US Facilities as It Ramps up Gas-Powered Vehicles
Reuters file photo GM's logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. DETROIT/WASHINGTON, June 10 (Reuters) – General Motors GM.N said on Tuesday it is planning to invest about $4 billion over the next two years at three U.S. facilities in Michigan, Kansas, and Tennessee as it moves to boost production of gas-powered vehicles amid slowing electric vehicle demand. The company said it will begin production of gas-powered full-size SUVs and light-duty pickup trucks at its Orion Assembly plant in Orion Township, Michigan, in early 2027. Orion Assembly was previously slated to build electric trucks starting next year. The move calls into question GM's plan to end the production of gas-powered cars and trucks by 2035. It was welcomed by the White House, which has imposed significant tariffs on imported vehicles to pressure automakers to move more production to the United States. In March, GM CEO Mary Barra met with U.S. President Donald Trump to talk about investment plans and told the president GM needed relief from California emissions and federal fuel economy requirements in order to expand U.S. production, sources told Reuters. Trump is set to sign legislation on Thursday to rescind California's 2035 zero-emission vehicle rules. 'No president has taken a stronger interest in reviving America's once-great auto industry than President Trump, and GM's investment announcement builds on trillions of dollars in other historic investment commitments to Make in America,' White House spokesman Kush Desai said. GM's Fairfax Assembly plant in Kansas is set to start building the all-electric Chevrolet Bolt by the end of this year, and GM says it will now also build the gas-powered Chevrolet Equinox starting in mid-2027. In a statement, the largest U.S. automaker said it expects to make 'new future investments in Fairfax for GM's next generation of affordable EVs.' GM last month said it is also investing $888 million at a New York propulsion plant to increase gas engine production. At its Spring Hill, Tennessee, plant, GM will add production of the gas-powered Chevy Blazer beginning in 2027. It will be built alongside the electric Cadillac Lyriq and Vistiq SUVs as well as the gas-powered Cadillac XT5. The gas-powered Chevrolet Equinox and Blazer are both currently produced in Mexico. The Equinox will continue to be built in Mexico once production starts at U.S. facilities in order to supply markets outside of North America. Mexico's economy minister Marcelo Ebrard said in a social media post he talked with GM and said there is no expectation of any plant closure or layoffs at the automaker's Mexican plants. GM said it expects annual capital spending will be between $10 billion and $12 billion through 2027, reflecting increased U.S. investment, prioritization of key programs, and efficiency offsets.
