GM took a $1 billion hit in Q2 over tariffs, but profitable EVs continue to be its ‘north star’
Chevy is now the #2 electric vehicle brand in the US. Cadillac is the luxury EV leader. GM is even selling more vehicles in China. Although Trump’s tariffs cost GM an extra $1.1 billion in Q2, the company reassured investors that profitable EVs continue to be its “north star.”
GM reports Q2 2025 earnings as EVs take the spotlight
GM’s electric vehicle sales more than doubled in the second quarter, with strong growth across Chevy, Cadillac, and GMC
With a combined 46,280 EVs sold in Q2, up 111% from the same period last year, GM is starting to close the gap with Tesla in the US.
Led by the Equinox EV, or “America’s most affordable 315+ range EV,” Chevy surpassed Ford and Hyundai to become the second-best-selling electric vehicle brand in the US.
Chevy’s EV sales rose 146% in Q2 and 134% in the first half of 2025 with the electric Equinox, Blazer, and Silverado rolling out.
Cadillac, which now offers a full lineup of electric SUVs, claims to be the luxury EV leader in the US. However, GM doesn’t include Tesla as a luxury rival due to its pricing structure. Over 25% of Cadillac’s sales in Q2 were EVs.
Cadillac’s EV lineup now includes the entry-level Optiq, midsize Lyriq, the three-row Vistiq, and massive Escalade IQ.
Even GMC is selling more electric vehicles. GMC now offers the Sierra EV pickup alongside the Hummer EV pickup and SUV.
After releasing Q2 earnings on Tuesday, GM’s CEO, Mary Barra, said, “Despite slower EV industry growth, we believe the long-term future is profitable electric vehicle production, and this continues to be our north star.”
GM beat Wall St estimates, posting $47.1 billion in revenue in Q2 2025, but its profits (EBIT) slipped 35% to $3.04 billion, down from $4.43 billion in Q2 2024. The company stated that Trump’s tariffs had a $1.1 billion net impact in the second quarter, but it expects the impact to be even greater in the third quarter.
Despite the impact, GM reaffirmed its full-year 2025 guidance, which was lowered in May. That includes an extra $4 billion to $5 billion in costs from the tariffs.
The company said it’s “making solid progress to mitigate at least 30% of this impact through manufacturing adjustments, targeted cost initiatives, and consistent pricing.”
GM announced a $4 billion investment last month to shift North American production as it looks to overcome the impact. It’s also expanding its partnership with LG Energy Solution to build lower-cost LFP EV batteries at its joint venture (Ultium Cells) plant in Tennessee.
Later this year, GM is expected to introduce the new Chevy Bolt EV, featuring a longer driving range, faster charging, and additional features. It will be the first of a “family of Bolts,” which will include an even lower-priced model.
Like most automakers in the US, GM is offering significant discounts on electric vehicles, capitalizing on federal incentives, including the $7,500 tax credit, which is set to expire at the end of September.
Starting at under $35,000 with a range of up to 319 miles on a single charge, the Chevy Equinox EV is the third-best-selling EV in the US so far this year. Who knew an affordable EV with over 300 miles of range would sell?
With leases starting at just $279 a month, the Chevy Equinox EV is hard to pass up right now. If you want to test out one of GM’s electric vehicles for yourself, you can use our links below to find Chevy, Cadillac, and GMC EVs near you.
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Enbridge is going big on solar again in Texas, and Meta is snapping up all the solar power it can get.
Last month, Electrek reported that the Canadian oil and gas pipeline giant just launched its first solar farm in Texas. Now it’s given the green light to Clear Fork, a 600 megawatt (MW) utility-scale solar farm already under construction near San Antonio. The project is expected to come online in summer 2027.
Once it’s up and running, every bit of Clear Fork’s electricity will go to Meta Platforms under a long-term contract. Meta will use the solar power to help run its energy-hungry data centers entirely on clean energy.
The solar farm project’s cost is around $900 million. Enbridge says it expects Clear Fork to boost the company’s cash flow and earnings starting in 2027.
Enbridge EVP Matthew Akman said the project reflects “growing demand for renewable power across North America from blue-chip companies involved in technology and data center operations.”
Meta’s head of global energy, Urvi Parekh, added that the company is “thrilled to partner with Enbridge to bring new renewable energy to Texas and help support our operations with 100% clean energy.”
Meta’s first multi-gigawatt data center, Prometheus, is expected to come online in 2026.
Clear Fork is part of a growing trend: tech giants like Meta, Amazon, and Google are racing to lock down renewable energy contracts as they expand their fleets of AI-ready data centers, which use massive amounts of electricity.
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A fully electric Japanese electric pickup truck? It’s not a Toyota or Honda, but Isuzu’s new electric pickup packs a punch. The D-MAX EV can tow over 7,770 lbs (3,500 kg), plow through nearly 24″ (600 mm) of water, and it even has a dedicated Terrain Mode for extreme off-roading. However, it comes at a cost.
Meet Isuzu’s first electric pickup: The D-MAX EV
After announcing that it had begun building left-hand drive D-MAX EV models at the end of April, Isuzu said that it would start shipping them to Europe in the third quarter.
By the end of the year, Isuzu will begin production of right-hand drive models for the UK. Sales will follow in early 2026.
Isuzu announced prices this week, boasting the D-MAX EV features the same “no compromise durability” of the current diesel version.
The D-MAX EV pickup features a full-time 4WD system, a towing capacity of up to 3.5 tons (7,700 lbs), and an added Terrain Mode, which Isuzu says is designed for “extreme off-road capability.” With 210 mm (8.3″) of ground clearance, Isuzu’s electric pickup can wade through up to 600 mm (24″) of water.
Powered by a 66.9 kWh battery, Isuzu’s electric pickup offers a WLTP range of 163 miles. With charging speeds of up to 50 kW, the D-MAX EV can recharge from 20% to 80% in about an hour.
The electric version is nearly identical to the current diesel-powered D-Max, both inside and out, but prices will be significantly higher.
| Isuzu D-Max EV specs and prices | |
| Drive System | Full-time 4×4 |
| Battery Type | Lithium-ion |
| Battery Capacity | 66.9 kWh |
| WLTP driving range | 163 miles |
| Max Output | 130 kW (174 hp) |
| Max Torque | 325 Nm |
| Max Speed | Over 130 km/h (+80 mph) |
| Max Payload | 1,000 kg (+2,200 lbs) |
| Max Towing Capacity | 3.5t (+7,700 lbs) |
| Ground Clearance | 210 mm |
| Wading Depth | 600 mm |
| Starting Price (*Ex. VAT) | £59,995 ($81,000) |
Isuzu’s electric pickup will be priced from £59,995 ($81,000), not including VAT. The double cab variant starts at £60,995 ($82,500). In comparison, the diesel model starts at £36,755 ($50,000).
The EV pickup will launch in extended and double cab variants with two premium trims: the eDL40 and V-Cross. Pre-sales will begin later this year with the first UK arrivals scheduled for February 2026. Customer deliveries are set to follow in March.
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In this photo illustration, Claude AI logo is seen on a smartphone and Anthropic logo on a pc screen. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)
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OpenAI and Anthropic continue to lead a fundraising bonanza in artificial intelligence, raising historic rounds and stratospheric valuations.
But when it comes to finding AI exits for venture firms, the market looks a lot different.
AI startups raised $104.3 billion in the U.S. in the first half of this year, nearly matching the $104.4 billion total for 2024, according to PitchBook. Almost two-thirds of all U.S. venture funding went to AI, up from 49% last year, PitchBook said.
The biggest deals follow a familiar theme. OpenAI raised a record $40 billion in March in a round led by SoftBank. Meta poured $14.3 billion into Scale AI in June as part of a way to hire away CEO Alexandr Wang and a few other top staffers. OpenAI rival Anthropic raised $3.5 billion, while Safe Superintelligence, a nascent startup started by OpenAI co-founder Ilya Sutskever, raised $2 billion.
While Meta’s massive investment into Scale AI amounted to a lucrative exit of sorts for early investors, the overarching trend has been a lot more money going in than coming out.
In the first half, there were 281 VC-backed exits totaling $36 billion, according to PitchBook. That includes the roughly $700 million acquisition of EvolutionIQ, an AI platform for disability and injury claims management, by CCC Intelligent Solutions, and the public listing of Slide Insurance, which builds AI-powered insurance offerings for homeowners. Slide is valued at about $2.3 billion.
“The dominant exit trend right now is frequent but lower-value acquisitions and fewer IPOs with significantly higher value,” said Dimitri Zabelin, PitchBook’s senior research analyst for AI and cybersecurity.
CoreWeave’s IPO, which took place at the very end of the first quarter, was the exception on the infrastructure side. The stock shot up 340% in the second quarter, and the company is now valued at over $63 billion.
Zabelin said the pattern of more investments in applications with smaller deals has been in place for the past year.
“Vertical solutions tend to plug more easily into existing enterprise gaps,” Zabelin said.
The acquisitions wave is being driven, in part, by what Zabelin calls bolt-on deals where larger companies buy smaller startups to enhance their own future valuations, hoping to enhance their value ahead of a future sale or IPO.
“That also has to do with the current liquidity conditions in the macro environment,” Zabelin said.
Outside of AI, activity is slow. U.S. fintech funding dropped 42% in the first half of the year to $10.5 billion, according to Tracxn. Cloud software and crypto have also seen sharp pullbacks.
Zabelin said IPO activity could pick up if economic conditions improve and if interest rates come down. Investors clearly want opportunities to back promising AI companies, he said.
“The appetite for AI, specifically vertical applications, will continue to remain robust,” Zabelin said.
— CNBC’s Kevin Schmidt contributed to this report.
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