Major automakers reported 2Q sales results, giving investors a wealth of insights into consumer demand, from affordability to taste.

Also, unless trade deals are resolved before the July 9 deadline, or tariffs are extended again, this is the last report before automakers see the impact. Because of this, some demand might have been pulled forward to avoid additional expenses.

The Trump administration is also looking to get rid of the $7,500 EV tax credit, which could also impact that market.

General Motors (GM) announced a 7% increase in U.S. sales for the second quarter, and a 12% increase for the first half of 2025, giving it the #1 spot. It sold almost 747K vehicles in 2Q.

GM highlighted record sales of crossovers and said sales of electric vehicles were up more than 100% in 2Q. Their “growth engine” was Chevrolet and GMC trucks.

In a blow to Tesla (TSLA), GM claims that its brand Chevrolet became the best-selling EV brand in 2Q, and Cadillac led the luxury EV market.

However, GM notes that the sales pace is normalizing after a stronger-than-expected April and May.

Ford Motor (F) posted a 14% bump in U.S. sales for 2Q – but note that it offered employee-pricing-for-everyone discounts on almost all of its vehicles.

Bloomberg reports that foreign automakers are seeing June deliveries drop, with Subaru down 16% and Kia down 3.2%. Nissan sales fell 6.5% in the last three months, but Honda (HMC) is an outlier with deliveries up 8.4% in the last quarter.

Tesla has yet to report 2Q numbers, but the consensus is a year-over-year drop of over 10%.

A sense of dread seems to hang over the auto market for the second half of the year. Bloomberg estimates that automakers will pass on almost $2,000 worth of tariffs onto consumers per vehicle. However, it notes that “nearly one in five buyers” took on loans with monthly payments of $1,000 or more in 2Q, an all-time high, and more customers are signing up for longer loans.

It feels like automakers and consumers alike have barely recovered from the price and production impacts of Covid. Now, with tariffs about to hit, everyone is bracing for a slowdown. How will they weather the storm?

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