"General Motors reported a sharp fall in profits, with second-quarter core profit dropping by 32 percent to $3 billion, significantly affected by new import tariffs."
"In response to tariff pressures, GM announced a $4 billion investment in US assembly plants to enhance domestic production and reduce reliance on imports."
"The company expects trade-related costs to reach up to $5 billion, with ambitions to offset at least 30 percent through various strategies like manufacturing shifts."
"Despite a 46,300 EV sales record in Q2, GM acknowledged slowing growth in electric vehicle sales as the expiration of the federal EV tax credit looms."
General Motors reported a 32 percent decline in second-quarter core profit to $3 billion due to $1.1 billion in new import tariffs. The company predicted worsening financial impacts for the third quarter and a near 2 percent revenue fall to $47 billion. CEO Mary Barra expressed commitment to reducing tariff exposure through $4 billion investments in US assembly plants. GM aims to offset trade-related costs, expected to reach $5 billion, with targeted cost-saving measures. Despite growth in electric vehicle sales, concerns arise over slowing EV sales growth linked to an ending tax credit.
Read at Business Matters
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