General Motors' net profit for the second quarter dropped by 35.4% year-on-year.

The U.S. General Motors Company released its second-quarter performance report on the 22nd, showing a loss of $1.1 billion due to tariffs for the quarter, a 35.4% year-on-year drop in net profit to $1.9 billion for the company's second quarter this year. The report shows that compared to the $47.97 billion in the same period last year, the company's second-quarter revenue dropped by 1.8% to $47.12 billion. General Motors expects to lose $4-5 billion this year due to multiple tariff impacts. In a letter to shareholders on the same day, GM CEO Mary Barra stated that the company will increase investment in U.S. assembly plants by $4 billion to reduce tariff risks, and through production adjustments, targeted cost controls, and consistent pricing, will reduce expected cost increases due to tariffs by at least 30%.