Gm Lost $1.1 Billion To Tariffs Last Quarter

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Happy Tuesday! It's July 22, 2025, and this is The Morning Shift, your regular roundup of nan apical automotive headlines from astir nan world, successful 1 place. This is wherever you'll find nan astir important stories that are shaping nan measurement Americans thrust and get around.

In this morning's edition, we're looking astatine GM's losses successful nan past fiscal quarter, arsenic good arsenic Stellantis' plans for much losses ahead. Plus, Tesla wraps up its ineligible situation for nonstop income successful Louisiana, and nan absolute refusal of aerial taxis to die. 

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General Motors is nan benignant of red-blooded, shot and pome pastry American corp that nan Trump administration's tariffs are meant to protect. Naturally, those tariffs costs GM $1.1 cardinal successful nan past 4th alone, causing world revenues and incomes to drop. From Automotive News:

General Motors' second-quarter nett income slid 35 percent to $1.9 billion, pinch import tariffs costing nan automaker $1.1 cardinal since President Donald Trump began imposing them successful April.

GM said its world gross declined 1.8 percent to $47.1 cardinal successful nan 4th ended June 30. Adjusted net earlier liking and taxes fell 32 percent to $3.04 billion.

North American pretax profit fell 46 percent to $2.4 cardinal connected gross of $39.5 cardinal successful nan region.

Are we tired of winning yet?

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Just yesterday, we talked astir Stellantis' multi-billion-dollar tariff expenses from nan first half of 2025. As it turns out, that's only nan commencement — nan institution expects moreover further losses owed to tariff costs going forward. From Reuters:

Stellantis expects much effect from U.S. tariffs connected vehicles and car portion imports successful nan 2nd half of 2025, nan institution said connected Monday arsenic it reported a preliminary 2.3 cardinal euro ($2.7 billion) nett nonaccomplishment for nan first six months of nan year.

The carmaker, which owns a sprawling portfolio of brands including Jeep, Ram, Peugeot and Fiat, said President Donald Trump's tariffs had costs it 300 cardinal euros truthful acold arsenic nan institution reduced conveyance shipments and trim immoderate accumulation to set manufacturing levels.

But Chief Financial Officer Doug Ostermann told analysts that nan 300 cardinal euro effect was not typical of what nan group expects for nan 2nd half, arsenic tariffs only came into effect portion measurement done nan first half.

"We'll spot importantly much successful nan 2nd half unless things alteration ... fixed nan existent outlook, I would expect to spot that fig astir apt double successful nan 2nd half aliases more," he said, adding that Stellantis was seeing a full full-year effect of betwixt 1 and 1.5 cardinal euros.

If there's 1 point businesses love, it's staring down nan tube of "significantly more" costs that are arsenic unpredictable arsenic they are unavoidable. It's bully for markets, bully for world trade, and bully for an system that's hopping from tech bubble to tech bubble successful hopes of everlastingly dodging nan 4th once-in-a-lifetime clang successful my lifetime. 

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Years ago, Tesla revenge a awesome suit successful Louisiana alleging that car dealers' lobbying against nan company's nonstop income exemplary made for an anticompetitive income environment. Now, that suit is settled, but it's not instantly clear why — nan lawsuit was dismissed pinch Tesla's complaints regarded arsenic moot, but we don't yet cognize precisely what Tesla sewage retired of nan deal. From Reuters:

Tesla connected Monday settled a suit against Louisiana and various car dealerships and waste and acquisition groups, successful which CEO Elon Musk's electrical car institution challenged nan state's prohibition since 2017 connected nonstop conveyance income to consumers.

According to a dismissal mobility revenge successful New Orleans national court, Tesla's claims person been "fully and yet resolved," pinch authorities officials maintaining they were simply doing their jobs and did not break criminal laws.

Tesla settled pinch nan section trader liking group, but truthful acold neither broadside is saying what they sewage aliases gave successful nan agreement. I conjecture we'll fig it retired if Tesla stores commencement popping up astir New Orleans. 

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As a New York resident, I'm beautiful accustomed to helicopters afloat of nan impatient ultra-wealthy going down successful various horrifying ways. This has engendered a patient distrust of chopper recreation successful me, but apparently not successful nan target marketplace — companies looking to get into nan "air taxi" game still spot a business opportunity there. From Bloomberg:

Air taxi startup Joby Aviation Inc. expects to person 5 craft successful 1 of nan last phases of certification adjacent twelvemonth arsenic it intends to commencement commercialized flights successful early 2026, according to its main executive officer.

"Through nan people of '26, we are going to beryllium bringing much craft and building retired progressively," Joby CEO JoeBen Bevirt said successful an interview. He said that adjacent twelvemonth nan institution will apt person 5 craft undergoing nan US Federal Aviation Administration's Type Inspection Authorization testing, which is needed to commencement commercialized work successful nan US.

...

Joby plans to commencement commercialized rider services successful Dubai by early adjacent year, aft having antecedently targeted nan extremity of this year. Last month, it announced nan completion of piloted trial flights successful nan United Arab Emirates city. Certification for formation operations by nan FAA and regulators successful different countries is still pending.

Joby's craft are multi-rotor VTOL craft, which is simply a fancy measurement of saying they're helicopters pinch somewhat much redundancy if thing breaks. You still won't drawback maine successful an craft that can't glide to a landing. 

There's nary measurement nan first car title was immoderate benignant of organized situation. I'm consenting to stake that nan first title successful truth came conscionable seconds aft nan first clip 2 automobiles were successful nan aforesaid spot astatine nan aforesaid time. 

I had nary thought Zeds Dead was still around, but this way came up connected KEXP nan different time and it's an absolute banger. The euphony video adds yet different layer, showing you wherever each nan samples really travel from.