通用汽车于周四成为最新一家宣布在电动汽车投资领域出现巨额亏损的车企。此前，美国国会与特朗普 总统调整了联邦层面的相关政策，转而向化石燃料倾斜，电动汽车销量随即出现下滑，通用汽车也因此 受到波及。 作为美国规模最大的车企，通用汽车表示，其将在2025年第四季度录得71亿美元亏损，这一数据主要是 为了反映该公司在电池工厂及电动汽车组装生产线方面的投资价值缩水情况。 通用汽车称，此次亏损还涵盖了需向供应商支付的补偿金——这些供应商曾为生产通用汽车目前已不再 需要的零部件进行了相关投资。此外，亏损总额中约有11亿美元，源于通用汽车在华非电动汽车业务的 重组成本。 自特朗普开启第二任期以来推行的相关政策，已迫使多家车企付出高昂成本进行业务调整。福特汽车于 上月表示，其电动汽车业务相关利润将遭受195亿美元的损失。 去年9月底，最高可达7500美元的电动汽车购置或租赁联邦税收抵免政策被取消，此后电动汽车的销售 难度显著增加。与此同时，特朗普政府还放宽了环境及燃油经济性标准，而此前这些标准一直倒逼车企 加大电动汽车的销售力度——电动汽车本身并不存在尾气排放的问题。 通用汽车在周四提交的一份证券备案文件中表示："随着部分消费 ...

Core Viewpoint - General Motors (GM) has experienced a significant stock increase of over 10% in pre-market trading, driven by a mixed earnings report but an optimistic full-year guidance and improved tariff outlook [1][9]. Financial Performance - GM's full-year earnings guidance has been raised to between $9.75 and $10.50 per share, up from the previous range, with adjusted EBIT expected to exceed $13 billion [2][4]. - The company reported adjusted EPS of $2.80, while revenue was $44.3 billion, slightly below estimates, and adjusted EBIT was stronger than expected at $3.4 billion [4][9]. - Despite a mixed earnings picture, the positive outlook and earnings boost have contributed to the stock's double-digit gains [5][9]. Tariff Impact - GM anticipates a tariff-related hit of $3.5 to $4.5 billion this year, which is an improvement from earlier estimates [3][9]. - The company expects to offset about 35% of tariff costs due to new mitigation policies from the Trump administration [3][4]. - GM has revised its guidance downward on tariff impacts by approximately $500 million, indicating stabilization in tariff effects [12][42]. Vehicle Sales and Market Share - U.S. sales rose by 8% to over 710,000 vehicles, marking GM's best market share since 2017, with strong demand for gas-powered pickup trucks and SUVs [5][40]. - Electric vehicle (EV) sales reached a record of 66,000 units, although GM warns of a substantial slowdown in EV demand following the expiration of federal tax credits [6][9]. EV Strategy and Future Outlook - GM has taken a $1.6 billion charge related to its EV reassessment, indicating a more subdued view on near-term EV adoption [6][9]. - The company plans to use the current slowdown in EV demand as an opportunity to improve battery technology and production efficiency [7][32]. - GM remains optimistic about the long-term viability of the EV market, despite current challenges [30][50]. Management and Operational Adjustments - GM's management has demonstrated increased agility in responding to market changes, reducing inventory levels and adjusting production strategies more rapidly than in the past [10][38]. - The company is focusing on reshoring jobs and increasing domestic production to mitigate tariff impacts and enhance competitiveness [14][23]. - GM's financial team has maintained strong credit quality in its loan portfolio, despite industry concerns about auto loan delinquencies [33][36].