Weekend Round-Up: Auto Giants' Tariff Tussle And More

This week was a rollercoaster ride for the automobile sector, with major companies making headlines for various reasons.

Here’s a quick recap of the top stories that shaped the week.

Auto Giants’ Tariff Refund Tailwind

Automobile companies Ford Motor, General Motors and Stellantis could face backlash from the Trump administration for seeking tariff refunds. The refunds have been factored into their account books, boosting their reported net incomes. However, the timeline for receiving these payments remains uncertain.

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Ford’s Earnings Beat Estimates

Ford Motor reported quarterly earnings of 66 cents per share, beating the Street estimate of 19 cents by 247.37%. The company’s quarterly revenue of $39.82 billion also surpassed the consensus estimate of $38.91 billion.

Read the full article here.

GM’s AI Rollout

General Motors announced that it will roll out the Google Gemini AI model to all GMC, Cadillac, Buick, and Chevrolet vehicles starting from the 2022 model year. The AI model will help with tasks such as reading and sending texts, planning routes, and playing mood-appropriate music.

Read the full article here.

Carvana’s Strong Q1 Earnings

Online used car retailer Carvana reported first-quarter revenue of $6.43 billion, beating analyst estimates of $6.08 billion. The company sold 187,393 vehicles in the first quarter, marking a 40% year-over-year increase.

Read the full article here.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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