DETROIT – General Motors Co. said Tuesday it will boost its profit forecast for this year by $500 million, driven by expected tariff refunds that were ruled illegal by the U.S. Supreme Court.
The automaker adjusted its 2026 guidance to a range of $13.5 billion to $15.5 billion after including a $500 million credit for tariff refunds, GM Chairwoman and CEO Mary Barra said in a letter to shareholders.
“We have solid momentum in our core operations: We maintained overall sales leadership in the U.S. and Canada,” Barra said. “We led the U.S. industry in full-size pickup sales and share, with 42% of the market, and we were #1 in Fleet, including Commercial deliveries. In addition, we were #2 in EVs with growing market share, and #1 in Canada.”
GM reported an EBIT-adjusted $4.25 billion and $43.62 billion in revenue for the first quarter.
In February, the Supreme Court ruled that tariffs imposed by the Trump administration under the International Emergency Economic Powers Act were illegal, and it does not give President Donald Trump the authority to unilaterally levy tariffs.
The federal government last week launched a portal where companies that paid the tariffs can apply for refunds.