[SPEAKER_00]: This is a news.com newsflash.
[SPEAKER_00]: General Motors says it lost more than one billion dollars in profits due to tariff costs, adding to growing evidence that American companies and consumers, not exporters, are footing the bill from President Donald Trump's trade war.
[SPEAKER_00]: General Motors is the latest US automator to report a financial blow from tariffs.
[SPEAKER_00]: Despite beating expectations, the company saw a second quarter profits fall, including a one-point-one billion-dollar loss-linked to import taxes.
[SPEAKER_00]: Sales dipped two percent to forty-seven billion dollars, and quarterly profit dropped to one-point-nine billion dollars, down from two-point-nine billion dollars a year ago.
[SPEAKER_00]: Expecting a hit from Trump's twenty-five percent auto-terror policy, GM pulled its annual financial guidance last quarter and warned of a potential five billion dollars impact.
[SPEAKER_00]: In addition to our strong underlying operating performance, we are positioning the business for a profitable, long-term future as we adapt to new trade and tax policies, and a rapidly evolving tech landscape, CEO Mary Bartoll shareholders.
[SPEAKER_00]: Stellantis, which owns Jeep, RAM and other brands, reported two.seven billion dollars in net losses for the first half of the year, largely due to falling North American sales.
[SPEAKER_00]: The company blamed the early effects of U.S.
[SPEAKER_00]: tariffs, which cost them more than three hundred fifty million dollars.
[SPEAKER_00]: Terrorists on vehicles are starting to push car prices higher.
[SPEAKER_00]: Bernstein's senior analyst Daniel Roskis says automakers are running out of ways to absorb the extra costs.
[SPEAKER_00]: There are only two people who can pay for tariffs, either the shareholders or the consumer, roast the told fortune.
[SPEAKER_00]: And in the end, there's going to be some sharing between those two halves.
[SPEAKER_00]: And so our view has been and continues to be that prices for cars are going to push up in the second half.
[SPEAKER_00]: His warning is clear, if the policy is to put tariffs on cars, then that will increase the cost of cars, and ultimately that will likely increase the price of cars, he said.
[SPEAKER_00]: Knowledge, Knowledge, Unfilter, Unfilter.