Tue, 11 Feb 2025

Tue, 11 Feb 2025 GM expects to mitigate up to 50% of potential North American tariffs, which Ford describes as 'chaos'

CEO Mary Barra said GM has contingency plans ready for if tariffs are levied on auto parts and vehicles coming into the U.S. from Canada and Mexico.

* General Motors CEO Mary Barra says GM can mitigate up to 50% of potential tariffs on imports from Canada and Mexico without significant capital investment.
* GM has contingency plans in place, including potentially avoiding short-term impacts of between 30-50% of additional costs.
* Ford Motor CEO Jim Farley calls the tariffs "chaos" for the US automotive industry, citing increased costs and uncertainty.
* Farley says a long-term 25% tariff on goods from Mexico and Canada would be "devastating" and harm the US industry.
* GM sources a significant amount of steel and aluminum from the US and has fixed pricing on such purchases in the short term.
* Both Ford and GM have contributed to President Trump's inauguration and have spoken with him about the auto industry.
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