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GM Shares Plunge 7.85% as $1.1B Tariffs Slash Q2 Profits
GM Shares Plunge 7.85% as $1.1B Tariffs Slash Q2 Profits
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General Motors shares tumbled 7.85% Tuesday, closing at $49.03 after reporting a 32% decline in Q2 net income. The automaker attributed the drop to $1.1 billion in tariff costs, imposed earlier this year on imported vehicles and components. Despite beating earnings forecasts, GM warned of continued pressure from trade policies through 2025.
The company plans to offset 30% of the tariff burden through aggressive cost-cutting measures. GM remains committed to its long-term strategic goals, including expanding U.S. production and doubling EV sales. The automaker's resilience in key markets like the U.S. and China provided some support amid the profit decline.
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