Shares of the ‘Big Three’ U.S. automakers- General Motors, Ford, and Stellantis- ended the week with significant losses following Trump’s announcement of 25% tariffs on foreign-made vehicles.
General Motors stock fell by 7.4% starting Thursday, while Ford declined by 3.9%. Stellantis decreased by 2%.
After losing significant ground in the past six weeks, Tesla shares finished the week 1% higher.
Musk, who stated earlier in the week, “Teslas are the most American-made cars,” noted that his company will also be affected by the latest tariffs. Musk wrote on X, “important to note that Tesla is NOT unscathed here. The tariff impact on Tesla is still significant.”
With half of the 50 bestselling car models in the U.S. manufactured overseas, car manufacturers and consumers are preparing for the full impact of the tariffs next week. Today, Goldman Sachs autos analyst Mark Delaney stated: “A 25% tariff on imported cars could raise the price by $5K to $15K.”
Earlier in March, Trump spoke with the leaders of Ford, General Motors and Stellantis to negotiate a tariff reprieve. White House Press Secretary Karoline Leavitt reported that the President “told them that they should get on it, start investing, start moving, shift production here to the United States of America where they will pay no tariff.”
By CEO NA Editorial Staff