General Motors (GM) and Hyundai Motor Company are set to co-develop five new vehicles, a strategic move likely influenced by increasing competition in the Chinese electric vehicle market. This includes a joint EV slated for 2028. However, GM is grappling with a tariff-related problem, notably impacted by Trump-imposed tariffs resulting in a Q2 profits drop of $1.1B, a 35% decrease from previous figures. Despite this, it maintained its full year outlook, previously lowered in May. Regardless, GM is showing resilience with a recorded 7% Q2 U.S. sales spike, strong Q2 earnings, and continued investments into its U.S. manufacturing plants. GM is redirecting focus onto EV batteries for AI energy storage, collaborating with Redwood Materials for US-built batteries. Moreover, it has locked down a critical and strategic US rare earth magnets supply, beneficial for their iconic trucks. The company also plans to import Chinese-made CATL batteries for the Chevy Bolt, despite tariffs. This move suggests that GM continues to lean into electric vehicle development, this evidenced by strong EV sales in recent months. Nevertheless, tariff-related costs remain a primary concern.
General Motors Company GM News Analytics from Sun, 16 Feb 2025 08:00:00 GMT to Fri, 08 Aug 2025 22:08:50 GMT -
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