General Motors lifted its financial outlook for the year and slightly lowered its expected hit from tariffs, as the automaker awaits expected relief on tariffs in the U.S. while confronting a weakening market for electric vehicles.

The company now expects its annual adjusted core profit to be between $12.0 billion to $13.0 billion, compared with its prior estimate of $10.0 billion to $12.5 billion. The Detroit automaker said tariffs would hit its bottom line less than anticipated, lowering its updated impact to a range of $3.5 billion to $4.5 billion, from a previous $4 billion to $5 billion.

Shares rose about 8% in premarket trading. GM’s outlook hike lifted crosstown peer Ford and U.S.-listed shares of Stellantis nearly 2% each in premarket trade.

EARNINGS TOP WALL ST EXPECTATIONS

GM

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