Tesla U.S. Sales Plunge as G.M. and Others Make Gains
Overall sales of electric vehicles rose almost 11 percent in the first three months of the year as traditional carmakers offered new models.
It Is Happening Every Day, Every Where
Overall sales of electric vehicles rose almost 11 percent in the first three months of the year as traditional carmakers offered new models.
A few carmakers have closed factories, laid off workers or shifted production in response to the auto tariffs that took effect last week.
President Trump says the tariffs will encourage investment in U.S. factories, but analysts say car buyers will have to pay thousands more.
Sales of cars picked up recently partly as buyers rushed to lock in deals before President Trump’s 25 percent tariffs on cars and auto parts go into effect.
The president said he “couldn’t care less” if automakers rose prices in response to planned tariffs, reasoning that buyers would choose U.S.-made cars over foreign brands.
Carmakers are likely to face higher costs regardless of how they respond to President Trump’s 25 percent tariffs on cars and auto parts.
With sweeping auto levies, the president is putting his beliefs about tariffs into practice on the global economy. Economists aren’t optimistic.
The scale of the damage depends on the circumstances of each company’s supply chain.
President Trump’s approach to tariffs has unsettled many corporate leaders who believed he would use the levies as a negotiating tool. As it turns out, he sees them as an end in themselves.
The S&P 500 jumped about 1.2 percent on Wednesday, after two days of declines. Shares of automakers rallied.