General Motors posted strong financial results for its first quarter Tuesday, but says it will reassess its expectations for 2025 due to auto tariffs.
The automaker is pushing back its conference call to discuss its guidance and quarterly results until Thursday, so that it can assess potential tariff changes.
GM said that its initial full-year financial forecast doesn't contemplate the potential impact of tariffs. In January the company announced that it anticipated 2025 adjusted earnings in a range of $11 to $12 per share.
Late Monday The Wall Street Journal reported that President Donald Trump will possibly dial back automotive tariffs, with anonymous sources claiming that he’ll stop duties on foreign-made cars from piling on top of other tariffs he implemented and easing some levies on foreign parts used to make cars in the U.S.
White House press secretary Karoline Leavitt said Tuesday morning that Trump would sign an executive order relaxing some of his tariffs on cars and auto parts, though Treasury Secretary Scott Bessent said the goal remained enabling automakers to create more domestic manufacturing jobs.
Bessent added that Trump is concerned with “jobs of the future, not of the past.”
It remains unclear what impact Trump’s broader tariffs will have on the U.S. economy and auto sales. Most economists say the tariffs — which could ultimately hit most imports — would raise prices and slow economic growth, possibly hurting auto sales despite the relief that the administration intends to offer on its previous policies.
Trump will be holding a rally in Michigan, the heart of the nation's auto industry, on Tuesday. Michigan has been jolted by his steep trade tariffs and combative attitude toward Canada.
Trump is making an afternoon visit to Selfridge Air National Guard Base for an announcement alongside Democratic Michigan Gov. Gretchen Whitmer. He’s expected to speak at a rally at Macomb Community College, north of Detroit.
Michigan was one of the battleground states Trump flipped from the Democratic column in his election. But it’s also been deeply affected by tariffs on imported cars and auto parts.
Michigan’s unemployment rate has risen for three straight months, including jumping 1.3% from March to reach 5.5%, according to state data. That’s among the highest in the nation, far exceeding the national average of 4.2%.
Industry groups have urged the White House to scrap plans for tariffs on imported auto parts, warning that doing so would raise prices on cars and could trigger “layoffs and bankruptcy.”
General Motors earned $2.78 billion, or $3.35 per share, for the three months ended March 31. A year earlier it earned $2.98 billion, or $2.56 per share.
Removing one-time charges and benefits, GM earned $2.78 per share, topping the $2.68 per share that Wall Street had expected, according to a survey by FactSet.
Revenue climbed to $44.02 billion from $43.01 billion.
GM’s stock declined about 2% in morning trading.
FILE - A General Motors logo is seen on a building, April 24, 2024, in Detroit. (AP Photo/Paul Sancya, File)
EDMONTON, Alberta (AP) — Adam Henrique had two goals, Stuart Skinner made 23 saves and the Edmonton Oilers beat the Vegas Golden Knights 3-0 on Monday night to take a 3-1 lead in their second-round NHL playoff series.
Evander Kane had a goal and an assist for Edmonton. Connor McDavid picked up an assist, extending his point streak to eight games.
The Oilers, who bounced back after allowing the winning goal Saturday night with just 0.4 seconds remaining, need one more win to advance. Game 5 is on Wednesday in Las Vegas.
“I just think everybody was dialed in (after a) huge disappointment from Game 3, the way we played and the way it ended,” Oilers coach Kris Knoblauch said. “They knew they had to step it up tonight.”
Skinner was once again in net for Edmonton after replacing backup Calvin Pickard, who had rattled off six consecutive wins before getting injured in Game 2. Skinner, who had a 5.36 goals-against average coming into the game, improved to 1-3 in the postseason.
“We just put on our work boots and our hard hats and went to work,” Skinner said. “The way that we’ve competed over a number of games is pretty incredible. It’s hard to do that and the way that we’ve been doing it on a consistent basis just shows a lot of pride in this group.”
Adin Hill made 29 stops for the Golden Knights, who are one loss from being eliminated.
“Be better, that’s sort of it,” said Golden Knights forward Jack Eichel, who had his points streak halted at six games. “We go home and you’re at home, Game 5, win a game and go from there. That’s really all that matters at this point. Collectively as a group, I just think it needs to be better, cleaner and with more urgency.”
Edmonton got off to a quick start. Connor Brown stole a puck behind the net and sent it out front to Henrique in the slot. He blasted a one-timer past Hill at 1:27 for his second goal of the playoffs.
The Oilers scored again with 6:57 left in the first. Zach Hyman wrestled a puck from behind the net to Henrique in front and he chipped it in, setting off a scrum after Kane bowled over Hill on the play.
It was Henrique’s first multigoal playoff game since his rookie season in 2012.
Kane helped close it out when he elected to shoot on a 2-on-1, and it hit a defender’s skate and deflected in 7:38 into the second. It was his fourth of the postseason.
The Oilers have won all eight of their Game 4s since 2023.
Vegas forward Reilly Smith pointed out the Golden Knights were down 2-1 to Minnesota in the first round before marching back with three straight wins to advance.
“I mean, we did it last series," he said, “so we have a lot of faith in this group and we’ll just take it one at a time.”
AP NHL playoffs: https://apnews.com/hub/stanley-cup and https://apnews.com/hub/nhl
Vegas Golden Knights goalie Adin Hill (33) makes a save against Edmonton Oilers' Zach Hyman (18) as Golden Knights' Nicolas Hague (14) defends during the second period of Game 4 of a second-round NHL hockey playoff series in Edmonton, Alberta, Monday, May 12, 2025. (Jason Franson/The Canadian Press via AP)
Vegas Golden Knights goalie Adin Hill (33) makes a save against Edmonton Oilers' Zach Hyman (18) as Golden Knights' Zach Whitecloud (2) defends during the second period of Game 4 of a second-round NHL hockey playoff series in Edmonton, Alberta, Monday, May 12, 2025. (Jason Franson/The Canadian Press via AP)
Vegas Golden Knights' Alex Pietrangelo, front right, and Edmonton Oilers' Ryan Nugent-Hopkins (93) battle for the puck during the second period of Game 4 of a second-round NHL hockey playoff series in Edmonton, Alberta, Monday, May 12, 2025. (Jason Franson/The Canadian Press via AP)
Vegas Golden Knights' Mark Stone (61) and Edmonton Oilers' Leon Draisaitl (29) battle for the puck during the first period of Game 4 of a second-round NHL hockey playoff series in Edmonton, Alberta, Monday, May 12, 2025. (Jason Franson/The Canadian Press via AP)
Edmonton Oilers' Adam Henrique (19), Jake Walman (96) and Zach Hyman (18) celebrate after a goal against the Vegas Golden Knights during the first period of Game 4 of a second-round NHL hockey playoff series in Edmonton, Alberta, Monday, May 12, 2025. (Jason Franson/The Canadian Press via AP)
