The automotive industry faces significant challenges due to the ongoing 25% tariffs on imported vehicles. Analysts predict a drop in vehicle sales by millions each year in the U.S. and Canada. The industry could see increased costs ranging from $110 billion to $160 billion annually. In the U.S. alone, costs for automakers are expected to rise by $107.7 billion, with $41.9 billion affecting Detroit’s major automakers. New vehicle prices in the U.S. are projected to increase by $2,000 to $4,000 over the next six to twelve months. Imported vehicles may see a $6,000 price hike, while U.S.-assembled vehicles could face a $3,600 increase due to tariffs on automotive parts. Additionally, tariffs on steel and aluminum are expected to add $300 to $500 to vehicle costs. These price increases could lead to reduced consumer spending power and broader economic impacts.
Autoline
@Autoline
·
Apr 9 Analysts like
@BankofAmerica
project that US car sales will drop by as much as 2.5-3 million units this year, which would be a financial disaster for most automakers & suppliers:
Richard Tice MP
@TiceRichard
·
Apr 8 UK car production is collapsing due to Net Stupid Zero – 2024 was the lowest for 70 years, falling another 11% this year. This is destroying jobs and growth.I urge the Transport Secretary to scrap all the absurd Zero Emission Mandates to let customers decide. Instead she is
Dan Collins
@DanCollins2011
·
Jan 18 2001: car production is 1m units 12m units producedMe: could be huge in 20 years.
Them: no, is a bubble.2024: car production 30m units. World leader in EV and exports.
: 9 million units produced.Me: What about now?
Them: is collapsing
GB News
@GBNEWS
·
Apr 7 UK car production hits a 70-year low, with industry insiders blaming zero emission mandates for job losses and factory closures. Is it time to rethink green targets?
@BarryGardiner
|
@TiceRichard
Mitch McCrimmon
@lead2xl
·
22h CNBC: “Analysts are expecting to see a drop in vehicle sales in the millions, higher new and used vehicle prices, and increased costs of more than $100 billion for the industry.”
GlobalData Automotive
@automotive_GD
·
Apr 8 Total Light Vehicle (LV) wholesales for the month decreased by 6% month-on-month (MoM) to 435k units, although this figure represents a 2% year-on-year (YoY) increase.Read more: https://bit.ly/4jfFYgQ
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