"General Motors lifted its financial outlook for the year and slightly lowered its expected hit from tariffs, as the automaker awaits expected relief on tariffs in the US while confronting a weakening market for electric vehicles. The company now expects its annual adjusted core profit to be between $12bn and $13bn, compared with its prior estimate of $10bn to $12.5bn."
"The auto giant earlier this month took a $1.6bn charge from changes to its EV strategy. At the end of September, a $7,500 tax credit on battery-powered models went away, and there has been further loosening of regulations around vehicle emissions. In a letter to shareholders, General Motors' CEO, Mary Barra, said she expects the company to incur future charges related to EVs. By acting swiftly and decisively to address overcapacity, we expect to reduce EV losses in 2026 and beyond, she said."
General Motors raised its annual adjusted core profit guidance to $12 billion–$13 billion, up from $10 billion–$12.5 billion. The company reduced its estimated tariff impact to $3.5 billion–$4.5 billion from $4 billion–$5 billion. GM recorded a $1.6 billion charge tied to changes in its EV strategy and noted the $7,500 tax credit for battery-powered models expired at the end of September. Emissions regulations have been loosened. GM anticipates further EV-related charges and plans to cut EV losses in 2026 and beyond by addressing overcapacity. Quarterly revenue slipped to $48.6 billion while US car sales rose 6% in Q3. GM intends to mitigate 35% of anticipated tariff costs, and a 3.75% MSRP offset for US-assembled vehicles through 2030 aims to help offset import tariffs.
Read at www.theguardian.com
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