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.
Late Monday The Wall Street Journal reported that President Donald Trump will possibly be dialing back on 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.
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 more than 2% before the market opened.