In the first quarter, GM reported revenue rose 2.3% to $44 billion boosted by customers rushing to buy before prices jumped, surpassing analyst expectations of $43 billion. Adjusted earnings per share of $2.78 also exceeded analyst forecasts of $2.74 per share. Net income fell 6.6% to $2.8 billion.

General Motors (GM) and Volvo have pulled 2025 profit guidance, citing uncertainty brought about by US President Donald Trump’s tariffs on steel and autos. Other carmakers including Porsche have slashed guidance as they anticipate financial impact from the impending levies.

General Motors is abandoning a previous forecast for solid profit growth this year as a result of the uncertainty created by President Trump’s trade policies, the automaker said on Tuesday. The Trump administration imposed a 25 percent tariffs on imported cars this month and has said it will impose a 25 percent duty on imported parts on Saturday.