Transportation
GM Profit Falls as Trump Tariffs Add $1.1 Billion in Costs
GM kept its current full-year forecast for earnings before interest and taxes in a range of $10 billion to $12.5 billion.
Photographer: Eric Thayer/BloombergGeneral Motors Co. said it suffered a $1.1 billion profit hit from Donald Trump’s tariffs and revealed no plan for a near-term fix to return to pre-tariff profit levels.
The Detroit-based automaker said Tuesday it earned $2.53 per share on an adjusted basis, above the Bloomberg consensus forecast of $2.33 but short of the $3.06 it made a year ago. GM’s profits also suffered from higher warranty costs and a buildup in inventory of electric vehicles, which are set to lose federal subsidies under Trump’s recently passed budget bill.