General Motors profit declined 35% in its second-quarter, including a $1.1 billion hit from tariffs, but the automaker easily topped expectations and stuck by its full-year financial outlook that it lowered in May .
GM CEO Mary Barra also said in a letter to shareholders on Tuesday that the automaker is attempting to greatly reduce our tariff exposure, citing $4 billion of new investment in its U.S. assembly plants.
In addition to our strong underlying operating performance, we are positioning the business for a profitable, long-term future as we adapt to new trade and tax policies, and a rapidly evolving tech landscape, she said.
Barra said during GMs conference call that the automaker expects to build more than 2 million vehicles in the U.S. each year as it scales production.
GM said that its making solid progress in mitigating at least 30% of the $4 billion to $5 billion gross tariff impact it anticipates for the year through manufacturing adjustments, targeted cost initiatives and with pricing.
The company expects the impact from the Trump administrations tariffs to take a bigger toll in the third quarter because of indirect costs related to the duties.
Chief Financial Officer Paul Jacobson remained optimistic, however.
Over time, we remain confident that our total tariff expense will come down as bilateral trade deals emerge and our sourcing and production adjustments are implemented, he said.
For the three months ended June 30, GM earned $1.89 billion, or $1.91 per share. A year earlier the company earned $2.93 billion, or $2.55 per share.
Stripping out certain items, earnings were $2.53 per share. That handily beat the $2.34 per share analysts polled by FactSet were calling for.
Revenue declined to $47.12 billion from $47.97 billion, but still topped Wall Streets estimate of $45.84 billion.
Jacobson said that GM dealt with higher warranty expenses during the quarter, which was partly due to increase warranty claims from software issues on some of its early EV launches. Jacobson said GM provided extended warranties as needed and is working to improve supplier quality.
Shares fell nearly 2% before the opening bell on Tuesday.
EV sales totaled 46,300 in the second quarter, up from 31,900 in the first quarter. Yet overall in the U.S. EV sales growth has begun to slow. The $7,500 EV tax credit under the Inflation Reduction Act is set to expire in September for many models.
Despite slower EV industry growth, we believe the long-term future is profitable electric vehicle production, and this continues to be our north star, she wrote. As we adjust to changing demand, we will prioritize our customers, brands, and a flexible manufacturing footprint, and leverage our domestic battery investments and other profit-improvement plans.
Wedbush analyst Dan Ives believes Barra is doing a good job dealing with the issues the auto industry is facing.
While the tariff headlines continue to put further pressure on the bottom line for the foreseeable future, we believe Barra & Co. continues to impressively navigate the complex backdrop successfully while seeing continued high demand for its entire fleet of EVs and (internal combustion engine) vehicles, he wrote in a client note.
GM maintained its full-year financial forecast. In May General Motors lowered its profit expectations for the year as the carmaker braced for a potential impact from auto tariffs as high as $5 billion in 2025.
The Detroit automaker said at the time that it anticipated full-year adjusted earnings before interest and taxes in a range of $10 billion to $12.5 billion. The guidance includes a current tariff exposure of $4 billion to $5 billion.
A month later GM announced plans to invest $4 billion to shift some production from Mexico to U.S. manufacturing plants. The company said at the time that the investment would be made over the next two years and was for its gas and electric vehicles.
President Donald Trump signed executive orders in April to relax some of his 25% tariffs on automobiles and auto parts, a significant reversal as the import taxes threatened to hurt domestic manufacturers.
Automakers and independent analyses have indicated that the tariffs could raise prices, reduce sales and make U.S. production less competitive worldwide. Trump portrayed the changes as a bridge toward automakers moving more production into the United States.
The tariffs ordered by Trump are hitting the entire auto sector, which sends vehicles and parts across the northern and southern borders of the U.S. repeatedly as they are assembled. The Center for Automative Research says that a uniform 25% tariff on all trading partners would have an increased cost of $107.7 billion to all U.S. automakers and an increased cost of $41.9 billion for the Big Three automakers in Detroit, Stellantis, GM and Ford.
GM reported its financial results a day after Jeep maker Stellantis said that its preliminary estimates show a 2.3 billion euros ($2.68 billion) net loss in the first half of the year due to U.S. tariffs and some hefty charges. Stellantis will release its financial results for the first half of the year on July 29.
通用汽车第二季度利润下降35%，其中关税冲击造成11亿美元损失，但这家汽车制造商轻松超出预期，并维持了5月份下调的全年财务展望。
通用汽车首席执行官玛丽·博拉（Mary Barra）周二在致股东的信中还表示，该公司正试图“大幅降低关税风险”，并提及将向其美国装配厂新增40亿美元投资。
她表示："除了强劲的基础运营表现外，我们还在调整业务以适应新的贸易和税收政策以及快速发展的技术格局，从而为长期盈利的未来做好准备。"
通用汽车首席执行官玛丽·博拉（Mary Barra）在财报电话会议上表示，随着产能提升，该公司预计每年将在美国生产超过200万辆汽车。
通用汽车（GM）表示，通过生产调整、针对性成本措施及定价策略，公司在缓解本年度预期的40亿至50亿美元总关税影响方面取得实质性进展，目前已成功抵消至少30%的冲击。
该公司预计，由于关税带来的间接成本，特朗普政府关税政策的影响将在第三季度加剧。
然而，首席财务官保罗·雅各布森（Paul Jacobson）仍持乐观态度。
他说道：“我们坚信，随着时间的推移，随着双边贸易协定的达成以及采购和生产调整的落实，我们的总关税支出将会下降。”
截至6月30日的三个月内，通用汽车实现净利润18.9亿美元，合每股收益1.91美元。上年同期该公司净利润为29.3亿美元，合每股收益2.55美元。
剔除特定项目后，每股收益为2.53美元，大幅超过FactSet调查分析师普遍预期的2.34美元。
营收从479.7亿美元降至471.2亿美元，但仍超出华尔街458.4亿美元的预期。
雅各布森表示，通用汽车本季度处理了更高的保修费用，部分原因是其早期推出的部分电动汽车因软件问题导致保修索赔增加。雅各布森称，通用汽车已根据需要延长了保修期，并正在努力提升供应商质量。
周二开盘前，股价下跌近2%。
第二季度电动汽车销量达4.63万辆，较第一季度的3.19万辆有所增长。然而美国电动汽车市场整体增速已开始放缓。根据《通胀削减法案》提供的7500美元电动汽车税收抵免政策，将于9月对多款车型终止实施。
她写道："尽管电动汽车行业增长放缓，但我们相信长期来看，盈利的电动汽车生产仍是未来方向，这一直是我们的北极星。在适应需求变化的过程中，我们将优先考虑客户、品牌和灵活的制造布局，并充分利用我们在国内电池领域的投资及其他利润提升计划。"
韦德布什证券公司分析师丹·艾夫斯认为，玛丽·博拉在应对汽车行业面临的问题方面表现优异。
尽管在可预见的未来，关税问题将持续对利润造成压力，但我们认为巴拉公司（Barra & Co.）在应对这一复杂背景时表现依然出色，其全系电动车及内燃机车型的市场需求仍保持旺盛。
通用汽车（GM）维持了全年财务预测。今年5月，这家汽车制造商因预计2025年汽车关税可能带来高达50亿美元的影响，下调了年度利润预期。
这家底特律汽车制造商当时表示，预计全年经调整的息税前利润将在100亿至125亿美元之间。该预测包含了当前40亿至50亿美元的关税风险敞口。
一个月后，通用汽车（GM）宣布计划投资40亿美元，将部分生产业务从墨西哥转移至美国工厂。该公司当时表示，这项投资将在未来两年内完成，用于其燃油车和电动车业务。
唐纳德·特朗普总统于四月签署行政命令，放宽其对汽车及零部件征收的25%关税中的部分条款。这一重大政策逆转源于进口关税可能对国内制造商造成损害的威胁。
汽车制造商及独立分析机构指出，加征关税可能导致车价上涨、销量下滑，并削弱美国汽车制造业的全球竞争力。特朗普则将这些政策调整描述为促使车企将更多产能转移至美国的过渡手段。
特朗普政府实施的关税政策正冲击着整个汽车行业。该行业在组装过程中需要频繁将车辆及零部件往返运送于美国南北边境。汽车研究中心指出，若对所有贸易伙伴统一征收25%关税，全美汽车制造商将面临1077亿美元的新增成本，其中底特律三大汽车巨头——斯特兰蒂斯、通用和福特——将承担419亿美元的额外成本。
通用汽车（GM）公布财报的前一日，旗下拥有**Jeep**品牌的**Stellantis**集团表示，根据初步估算，受美国关税及多项重大支出影响，该公司上半年净亏损达23亿欧元（约合26.8亿美元）。Stellantis将于7月29日正式发布上半年财务报告。
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