General Motors announced a decline in profits exceeding one-third in Q2 primarily due to tariffs imposed by President Trump, totaling over a billion dollars in losses. Despite these financial setbacks, GM experienced a notable surge in electric vehicle (EV) sales, which more than doubled between April and June. This increase positions GM as a stronger contender against Tesla, which reported its own decline in vehicle deliveries during the same period. Furthermore, GM surpassed Ford and Hyundai to become the second-largest player in the U.S. EV market, while Tesla's market share continued to decline from its previous highs.
General Motors reported a significant impact from President Trump's tariffs, costing the company more than a billion dollars in the second quarter, despite a major increase in EV sales.
GM's EV sales more than doubled from April to June, positioning the company closer to competition with Tesla, which faced a 13% decline in vehicle deliveries in Q2.
Cox Automotive reported that GM has surpassed Ford and Hyundai to become the No. 2 player in the U.S. EV market, amid Tesla's decreasing market share.
Tesla's market share in the U.S. EV market has declined from nearly 80% in 2020 to around 45% in 2023, as competition continues to grow.
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