General Motors has pledged that electric vehicles will remain its “l(fā)ong-term future” as quarterly sales of battery-powered cars more than doubled despite a drop in profits due to US tariff costs.
GM reported adjusted earnings of $3bn before interest and tax in the second quarter, down 32 per cent year on year, while revenues fell 1.8 per cent to $47bn. The adjusted operating profit was slightly higher than the average analyst estimate for $2.8bn, according to S&P Capital IQ.
The US carmaker — which has previously warned of a tariff exposure of up to $5bn — blamed the profit decline on costs related to US President Donald Trump’s 25 per cent tariff on imports of foreign-made cars and other levies he has imposed.
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