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Reading: Trump’s Tariffs: Shifting Dynamics in the Automotive Industry
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PhotoNews Pakistan > Business > Trump’s Tariffs: Shifting Dynamics in the Automotive Industry
Business

Trump’s Tariffs: Shifting Dynamics in the Automotive Industry

Web Desk
By Web Desk Published November 7, 2024 3 Min Read
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President Donald Trump at the Center of Mobility in Ypsilanti Township. Photo Credits: Detroit Free Press
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According to industry groups and executives, automakers are preparing for President-elect Donald Trump to introduce new tariffs on vehicles imported from Mexico and potentially other countries while also anticipating a rollback of pro-electric vehicle (EV) policies.

Trump has announced plans to repeal Environmental Protection Agency and Transportation Department vehicle regulations starting his first day in office. He is also considering reducing or eliminating EV tax incentives, which could allow automakers to focus on producing more profitable gas-powered SUVs and trucks. However, this raises concerns about the future of extensive investments in EV technology.

The Zero Emission Transportation Association, which includes Tesla, Rivian, Lucid, and LG, expressed readiness to collaborate with Trump, emphasizing the critical next four years for developing and deploying these technologies in American facilities by American workers.

Automotive is one of the sectors that could see a significant mid-term impact from the new Trump presidency.

GlobalData's latest Analyst Briefing provides an initial assessment of the implications for the Automotive industry.

Read more: https://t.co/cmnhif3Pcj pic.twitter.com/ZHH4pWcgHm

— GlobalData Automotive (@automotive_GD) November 7, 2024

Tesla’s stock rose nearly 15% on Wednesday as investors speculated that the company would benefit from CEO Elon Musk’s relationship with Trump.

Read: Tesla Stock Surges 15% Following Trump’s Election Victory

The American Trucking Associations urged Trump to replace the EPA’s strict tailpipe emissions standards with national standards that are “technologically achievable and reflect the operational realities of our essential industry.”

Trump aims to revoke California’s ability to set its vehicle emissions standards, a policy he rescinded in 2019 but was reinstated by President Joe Biden. Additionally, Trump will determine the allocation of billions in EV charging grants.

Trump has repeatedly threatened to impose 200% or more tariffs on vehicles from Mexico and might extend these tariffs to vehicles from Asia and Europe.

🌐 Trump’s tariffs could reshape the auto industry—how will this impact private equity and global investment? Learn what’s at stake for Tesla and Chinese EVs. Dive in: https://t.co/WxAq6hbNke#InvestmentTrends #PrivateEquity #GlobalTrade #AutomotiveIndustry #Ypske

— Farhan Ahmad(MSF) (@FSyed54338) November 6, 2024

Trump expressed a willingness to allow Chinese automakers to build vehicles in the United States, provided they establish manufacturing facilities locally.

“We’re going to give incentives, and if China and other countries want to come here and sell cars, they’re going to build plants here and hire our workers,” Trump stated in an interview with Reuters.

South Korea’s trade minister predicted increased investment from Korean companies in the U.S. should Trump impose higher tariffs.

Honda’s chief operating officer, Shinji Aoyama, noted that Honda’s production capacity in Mexico is about 200,000 vehicles annually, with 80% destined for the U.S. market. He mentioned that permanent tariffs could force Honda to consider relocating production.

Toyota, which manufactures Tacoma trucks at two facilities in Mexico and sold over 230,000 units in the U.S. last year, could consider moving production to San Antonio, Texas, if Trump imposes steep tariffs, according to a source close to Toyota.

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