General Motors is down about 4% in Wednesday, April 29, 2026 trading as investors focus on weaker-than-expected top-line results and continued EV reset costs following the company’s Q1 2026 earnings update released Tuesday, April 28. The selloff is notable because GM simultaneously posted a profit beat and lifted its full-year adjusted outlook, indicating the market is prioritizing revenue quality, cost trajectory, and near-term execution risk over headline EPS.

The biggest pressure point is the Q1 revenue shortfall versus expectations, which undercut the “beat-and-raise” narrative and suggests demand/mix and/or pricing dynamics remain choppy. In addition, GM recorded another $1.1 billion of EV-related charges in Q1 tied to its ongoing EV strategy reset, reinforcing that the transition is still carrying meaningful near-term financial and cash-flow friction even as the company leans on higher-margin ICE trucks/SUVs and software/services growth to fund the shift.

GM also flagged an expected $500 million tariff refund after a Supreme Court decision striking down certain broad levies, and it raised its 2026 EBIT-adjusted outlook to $13.5 billion to $15.5 billion. Even with that benefit, GM still expects gross tariff costs of roughly $2.5 billion to $3.5 billion for 2026, leaving investors focused on the reality that tariffs, commodities, and freight remain an earnings sensitivity rather than a solved problem.

Traders will likely watch for follow-through commentary on pricing discipline, North American inventory levels, and whether EV-related cash charges stabilize after this quarter’s hit. Any additional clarity on tariff pass-through, supplier claims and cancellations tied to the EV reset, and signs that revenue can re-accelerate will be pivotal for reversing today’s negative price action.