General Motors’ plans to enter Formula One with its Cadillac team from next year and build an engine by 2029 have not been affected by President Donald Trump’s tariffs, according to the company’s president,

DETROIT -- The impact of President Donald Trump’s tariffs could cost General Motors up to $5 billion this year. In a letter issued to shareholders Thursday, the Detroit-based automaker lowered its 2025 profit projections to reflect the anticipated impact of the tariffs.

General Motors is lowering its profit expectations for the year as the carmaker braces for the potential impact from auto tariffs being rolled out by the U.S.GM announced early this week that it was reassessing its expectations for 2025 due to tariffs.