Japan, Trump and tariff
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GM CEO Mary Barra hasn’t ruled out raising car prices, however, and has said the company will stay competitive.
The American auto manufacturer’s net income fell by 35%, the company said in its second quarter earnings call.
GM said earnings in the second quarter reflect a more than $1 billion hit from President Donald Trump's tariffs.
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' 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 American automaker reported that tariffs cost them $1.1 billion and reduced the company's profit margin from 9% to 6.1%.
The president's trade policies are wreaking havoc on the American auto industry. Another automaker, Stellantis, also reported losses this week.
GM reports a second-quarter operating profit of $3 billion and earnings per share of $2.53 from sales of $47.1 billion.