“Pricing remains stable in the second quarter as well as so far in July. Our guidance assumes this continues throughout the second half of the year.”

In context

“ts that second half results will be about $1.75 billion lower. There are three key factors causing this dynamic. The first is an additional quarter of net tariff impact in the second half which accounts for around $1 billion of this gap. The second is that we expect North America wholesale volumes to be down a low The last is increased spending related to preparations for the launch of our next generation full size trucks, which are scheduled to begin rolling out as model year 2027 vehicles, including also ramping investments at Orien Assembly to increase capacity in the U.S. Now let's move to a year over year perspective for the full year. We continue to plan for a full year total U.S. SAR of around 16 million units. This implies a second half SAR in the low to mid-fifteen million range. Pricing remains stable in the second quarter as well as so far in July. Our guidance assumes this continues throughout the second half of the year. Our full year North American pricing assumption is unchanged at a year over year Turning to tariffs, the environment remains dynamic. The second quarter net impact of $1.1 billion was slightly lower than we had expected due to the timing of certain indirect tariff costs. As a result, we will likely see third quarter net tariff costs higher than in the second quarter. For the full year, while there have been some puts and takes since we gave our initial guidance, our gross tariff impact remains unchanged at $4 billion to $5 billion this year as we continue to produce and import vehicles from Canada, Mexico and Korea to avoid interruptions for our customers and dealers. Over time, we remain confident that our total tariff expense will come down as bilateral trade deals emerge and our sourci”