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According to Carscoops, President Donald Trump’s trade war continues to inflict damage on American automakers as they grapple with higher costs. For General Motors, one of the Big Three in the US automotive industry, tariffs took a USD 1.1 billion toll on the company in Q2.
General Motors predicts that the new tariff policies will result in an additional USD 4-5 billion in costs by the end of 2025. Carscoops considers this an astonishing figure, likely to lead to price hikes for consumers.
The automaker reported USD 47.1 billion in revenue for Q2, with an EBIT (earnings before interest and taxes) of USD 3 billion. General Motors noted that adjusted EBIT was primarily impacted by tariff-related charges.
The company’s net revenue in the US reached USD 39.5 billion, largely driven by record-high sales of crossovers and surging demand for pickup trucks. Dealer inventory in the US decreased during Q2, while electric vehicle sales saw a significant boost.
The proposed elimination of federal tax incentives for green vehicles in the US is expected to cause some upheaval. However, General Motors highlighted a 111% year-over-year increase in electric vehicle sales in Q2, and the company currently holds a 16% market share in the US for pure electric vehicles.
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Chevrolet, with a 146% surge in sales during Q2, is the second most popular brand in the US electric vehicle market. This impressive performance is largely attributed to the affordable Equinox EV, which currently holds the third highest cumulative sales in the country. General Motors also leads the luxury electric vehicle segment and is the fifth largest electric vehicle manufacturer in the US.
CEO Mary Barra acknowledged the slowing growth rate in the electric vehicle market but expressed confidence in the long-term profitability of the company’s electric vehicle endeavors.
Barra also noted that the development timeline for internal combustion engine vehicles has extended beyond initial expectations.
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