Anticipated Tariff Refunds Lift Automakers’ Quarterly Results

Ford, GM, and Stellantis reported hundreds of millions to more than $1 billion in expected reimbursements from the federal government.

Workers assemble cars at the newly renovated Ford Assembly Plant in Chicago on June 24, 2019. Jim Young/AFP via Getty Images

Major automakers are reporting stronger quarterly profits after they booked potential refunds from tariffs that were struck down by the U.S. Supreme Court.

Ford Motor said on Tuesday that it earned $2.5 billion in the first quarter, up from $500 million a year earlier, on revenue of $43.3 billion, a 6 percent increase from the same period last year. The result reflects the $1.3 billion in tariff reimbursements the company expects to receive.