Business
GM expects to top Ford in U.S. vehicle production as it faces up to $4 billion in tariff costs
General Motors Chevrolet Traverse sport utility vehicles sit on the assembly line at the company’s Lansing Delta Township Assembly Plant in Lansing, Michigan, Feb. 21, 2020.
Jeff Kowalsky | Bloomberg | Getty Images
DETROIT — General Motors expects to outproduce crosstown rival Ford Motor to become the top assembler of vehicles in the U.S. in the coming years.
GM CEO and Chair Mary Barra announced the target Tuesday as the company reported its 2025 earnings and gave a 2026 outlook that included between $3 billion and $4 billion in expected tariff costs.
“As we look further ahead, our annual production in the U.S. is expected to rise to an industry-leading 2 million units,” Barra told investors, detailing previously announced plans to increase domestic production.
GM’s push to increase domestic production comes as tariffs from importing vehicles to the U.S. cost the company $3.1 billion in 2025.
Based on the vehicles Barra mentioned, GM could reach its goal as early as 2027, depending on how quickly it ramps up production. The automaker next year is scheduled to add production of gas-powered crossovers currently made in Mexico to plants in Kansas and Tennessee as well as full-size SUVs and pickup trucks to a currently idled plant in Michigan.
Aside from helping GM reduce its expected tariff costs, achieving that goal would take the title away from Ford, which has touted it in advertising and marketing efforts in recent years.
Ford, which has called itself the “most American” automaker, assembled 2.1 million vehicles in the U.S., as of 2024, with 80% of its U.S. sales being assembled domestically.
GM, meanwhile, is historically the top-seller of vehicles in the U.S., but also was the largest importer of new vehicles to America in 2024, Bloomberg News reported last year. It imported approximately 1.23 million units that year — nearly half of its 2024 U.S. sales, according to the report.
Trucks make their way to the Ambassador Bridge to cross into the United States at Detroit on April 1, 2025 in Windsor, Canada.
Bill Pugliano | Getty Images
Ford said it is proud to be America’s No. 1 auto producer since 2009 as well as the top exporter of American-assembled vehicles.
“That’s who we are and who we always have been regardless of policy or tariffs,” a Ford spokesman said in an emailed statement to CNBC when asked about GM’s target. “If other automakers who rely heavily on importing foreign-made cars into the U.S. are now ‘getting religion,’ that’s good news for U.S. communities. But they have a long way to go to match Ford’s commitment to America.”
GM did not immediately respond to requests for additional comment or details about their current U.S. production.
GM’s expected tariff costs this year would be in line with the automaker’s $3.1 billion in tariff costs in 2025, which came despite the levies not being in effect for the whole year. That was actually below the automaker’s previously disclosed expectations of between $3.5 billion and $4.5 billion in tariff costs last year.
“We proactively managed our net tariff exposure, reducing it well below our initial expectations, thanks to self-help initiatives and policy actions that support companies like GM that have substantial and growing commitments to American manufacturing,” Barra told investors Tuesday.
GM’s expected tariff costs could be higher this year, largely depending on duties on vehicles imported from South Korea.
President Donald Trump on Monday said the U.S. would increase the tariff back to 25% after the South Korean legislature failed to approve the pact. Trump had previously said that the level would be 15%.
Barra on Tuesday said GM is “hopeful” the U.S. and South Korea can finalize a new trade deal with South Korea that includes a 15% tariff on vehicles exported to the U.S. from South Korea, which was used in GM’s 2026 forecast.
“We’re really encouraging the countries to get the trade deal done that they agreed to last October,” Barra told CNBC’s Phil LeBeau during “Squawk Box.”
GM is the second-largest U.S. importer of vehicles from South Korea behind South Korean automaker Hyundai Motor. The Detroit automaker relies heavily on plants in the country for entry-level vehicles such as the Chevrolet Trax and Buick Envista.
Deliveroo is set to significantly broaden its offerings beyond its core takeaway service, introducing a new feature that will allow customers to book restaurant reservations directly through its platform.
The initiative, named Deliveroo Reservations, is scheduled to launch initially in London this Thursday.
Customers will gain the ability to secure tables at a range of prominent London eateries, including Dishoom, Dove, Hide, Kricket, Barrafina, and Kolae. This expansion marks a strategic move for the company, which was acquired by US-based DoorDash for £2.9 billion last year.
The new reservation system integrates technology from SevenRooms, a restaurant booking platform business that DoorDash also purchased for approximately £900 million.
This integration follows DoorDash’s own expansion into restaurant bookings on its platform in the United States late last year, setting a precedent for Deliveroo’s latest venture.
This move is central to Deliveroo’s ambitions to grow beyond its established takeaway delivery model in the UK. While the feature will first be rolled out to restaurants in London, Deliveroo has indicated plans to extend the service across the wider UK later in the year.
Suzy McClintock, vice president for consumer and new verticals at Deliveroo, commented on the development: “This launch is about supporting restaurants to grow in new ways. Whether it’s a Deliveroo order or a reservation in store, we want to drive discovery, demand and revenue across every channel.”
She added: “By fully integrating SevenRooms into the Deliveroo app, we’re giving restaurants access to new customers and giving diners an easier way to discover and book some of London’s best tables – all in one place.”
Joel Montaniel, vice president and co-founder of SevenRooms, echoed this sentiment, stating: “Bringing reservations into the Deliveroo app gives London restaurants a new way to connect with diners and grow, while making it easy for consumers to discover and book great restaurants.”
Business
Warner Bros. Discovery books $2.9 billion net loss tied to Paramount deal, restructuring costs
An American flag flies at Warner Bros. Studio in Burbank, California, on Sept. 12, 2025.
Mario Tama | Getty Images
Warner Bros. Discovery on Wednesday reported a staggering net loss for the first quarter, but it has an explanation.
The company booked a net loss of $2.9 billion, far larger than the net loss of $453 million it reported in the year-earlier quarter.
The figure included $1.3 billion of “pre-tax acquisition-related amortization of intangibles, content fair value step-up and restructuring expenses” as well as the $2.8 billion termination fee that Warner Bros. Discovery owed Netflix after their pending transaction fell through in February.
Netflix walked away from its proposed deal to buy WBD’s assets after Paramount Skydance came in with a higher offer. Paramount agreed to pay the termination fee as part of its agreement to buy the entirety of WBD, but the cost lives on WBD’s books until the close of that deal.
Since the amount is refundable to Paramount under certain circumstances, such as if it were to terminate the deal with Paramount for a higher offer, the obligation would be shifted to WBD.
Paramount’s proposed acquisition received approval from WBD shareholders in April and is currently in the midst of a regulatory review process. On Monday, Paramount said in its earnings release that it has “made significant progress” toward closing the deal, which it expects to be completed in the third quarter.
WBD on Wednesday also reported first-quarter revenue that was down 1% year over year to $8.89 billion. The company’s adjusted earnings before interest taxes, depreciation and amortization was up 5% to $2.2 billion. WBD had $33.4 billion in gross debt at the end of the quarter.
Streaming continued to be a highlight for the company.
Total streaming revenue was up 9% to about $2.89 billion as subscriber revenue increased due to the expansion of HBO Max — WBD’s flagship streaming platform — in international markets. Advertising revenue for the unit was up 20% due to an increase in customers subscribing to the ad-supported tier.
The company said in a shareholder letter it exceeded its guidance of more than 140 million global streaming customers at the end of the first quarter, and it remains on track to surpass 150 million global subscribers by the end of the year.
WBD’s portfolio of pay TV networks, which includes CNN, TBS and the Discovery Channel, continued to weigh on the company. The linear TV networks reported $4.38 billion in revenue, down 8% from the prior year. The company said linear advertising revenue was down 11%, which was primarily driven by the absence of NBA media rights from its portfolio.
Revenue for the film studio division, meanwhile, increased 35% to $3.13 billion year over year.
Virgin Media O2 recorded its highest-ever broadband traffic spike as millions across the UK tuned in to watch Arsenal‘s Uefa Champions League semi-final victory over Atletico Madrid.
Peak downstream traffic on the network surged by 17 per cent compared to an average Tuesday evening, marking an unprecedented event in Virgin Media’s broadband history.
This figure was 4.2 per cent higher than the previous record, established during Liverpool’s Champions League match against Real Madrid last November.
Jeanie York, chief technology officer at Virgin Media O2, commented on the phenomenon: “Live sport is one of the biggest drivers of broadband traffic in the UK and last night’s Champions League semi-final set a record on our network.
“As more people stream the biggest sporting moments from home, reliable, high-capacity connectivity has never been more important.”
Bukayo Saka delivered the decisive goal at the Emirates Stadium on Tuesday night as Arsenal secured a 2-1 aggregate triumph over Atletico Madrid to reach the Champions League final in Budapest on May 30 – their first on Europe’s grandest stage for 20 years.
And although Arsenal have received an official allocation of just 16,824 tickets from UEFA for the final at the 67,000-capacity Puskas Arena, Declan Rice wants the Hungarian capital to be a sea of red for the fixture against either Bayern Munich or Paris St Germain.
He said: “Bring it on, bring it on, I’ll be ready. I want every Arsenal fan out there, 200,000 of you, come out. Let’s try and do it because we’re going to need all the support, all the energy and let’s make it special.”
Mikel Arteta, meanwhile, hailed his “incredible” players for “making history” after securing the win.
Arteta said: “It was an incredible night. We made history again together and I cannot be happier and prouder for everybody that’s involved in this football club.
“The supporters were with us for every ball. They made it special and unique, and I have never felt it like that in this stadium.
“We knew how much it meant to everybody, we put everything on the line, the boys did an incredible job and after 20 years, and the second time in our history, we are back in the Champions League final.”
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