General Motors is the latest U.S. auto giant to say tariffs have taken a chunk from their earnings. The company beat earnings expectations on Tuesday, but reported a decline in second-quarter profits, including a $1.1 billion hit as a result of hefty import taxes.

General Motors’ profit and revenue declined in its second-quarter but the automaker’s results managed to easily top Wall Street’s expectations and the company stuck by its full-year financial outlook that it lowered in May.

While Tesla remains the No. 1 EV manufacturer in the U.S., GM said it has secured the No. 2 position and believes it has an “inherent advantage” with EVs.

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General Motors reported second-quarter earnings that beat Wall Street’s estimates, despite ongoing uncertainty from President Donald Trump's auto tariffs.

The Detroit giant reported a $1.1 billion year-over-year drop in quarterly revenue.But while the numbers are grim, GM is focusing on the bright spots, including record first-half revenue and growing EV momentum.

GM warned the toll could grow in the second half of the year, reiterating its previous estimate of a $4 billion to $5 billion hit for the year. Shares dropped 7% during the day, even as the company's adjusted earnings per share of $2.