The automaker said it expects stronger results in the second half of 2022 to meet its existing guidance of US$13 billion to US$15 billion in adjusted earnings.
DETROIT — General Motors on Tuesday reported a 40 per cent year-over-year decline in net income as revenue rose 4.7 per cent in the second quarter, but the automaker said it expects stronger results in the second half of the year.
Amid concerns of a looming recession, GM is reducing discretionary spending and limiting hiring to critical needs and positions that support the company's growth, Barra said. The automaker is not contemplating layoffs, CFO Paul Jacobson told reporters. The automaker’s U.S. light-vehicle sales fell 15 per cent as parts shortages continued to slow production. GM said this month that it was holding about 95,000 vehicles awaiting parts and expected to deliver the vehicles to dealers by the end of the year.
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