GM quarterly profit slumps 35%, but it sticks by full year outlook that was lowered in May

General Motors’ profit declined 35% in its second-quarter but the automaker easily topped expectations and stuck by its full-year financial outlook that it lowered in May.

GM CEO Mary Barra also said in a letter to shareholders on Tuesday that the automaker is attempting to “greatly reduce our tariff exposure,” citing $4 billion of new investment in its U.S. assembly plants.

“In addition to our strong underlying operating performance, we are positioning the business for a profitable...