This is a segment from the Forward Guidance newsletter. To read full editions, subscribe . We wrote yesterday about Big Tech earnings, but we’re also keeping an eye on results in the auto industry. General Motors this morning kicked off earnings season for the so-called Big 3, which also includes Stellantis and Ford. In an uncommon move, GM released its Q1 report on Tuesday, but executives delayed its call until Thursday. The headline news from the release was that GM pulled its previous 2025 profit guidance, citing tariff policies. GM is also pausing an intended $4 billion share buyback — a plan the board approved in February. The automaker’s net income decreased 6.6% from Q4, but revenue increased 2.3%. Shares of GM opened lower on Tuesday (as expected), but gained as much as 2.8% following news that the White House will soften tariffs on the auto industry. The rally was short-lived, though, and GM shares had reversed the gains within the hour. The Trump administration said Tuesday that while the current 25% tariff on auto imports will continue, the 25% levy on metals (including steel and aluminum) will not apply. In other words, the two tariffs will not be “stacked.” It’s definitely not bad news, but I understand why it wasn’t enough to boost investor confidence too much. Coming up, Stellantis is scheduled to report tomorrow, and Ford’s Q1 call will be next week. Get the news in your inbox. Explore Blockworks newsletters: Blockworks Daily : Unpacking crypto and the markets. Empire : Crypto news and analysis to start your day. Forward Guidance : The intersection of crypto, macro and policy. 0xResearch : Alpha directly in your inbox. Lightspeed : All things Solana. The Drop : Apps, games, memes and more. Supply Shock : Bitcoin, bitcoin, bitcoin.
