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Soon, it will be very important to know where your next car was assembled, because the US is in the midst of a massive trade war. Just because your car was built in the US, doesn’t make it safe from tariffs. As Automotive News reports, automakers may be forced to spread price increases from tariffs across their entire model range. Many people seem to be confused about how US-built cars could possibly be affected by Trump’s tariffs. Automakers plan to minimize the impact of the tariffs by spreading out price increases across their lineup. Some automakers such as Jaguar, L...
Last Friday, the trade war between China and the US kicked off, as US President implemented a 25% tariff on $34 billion worth of Chinese goods. China has already retaliated with an increase in electric car tariffs from 15% to 40%. This means that cars that are imported into China will now be more expensive. According to The Wall Street Journal, Tesla had to raise its prices in China. The Model X now costs $140,000, which is a significant increase over the old $117,100 price. The Model S now costs $128,400, an increase of about $21,000 compared to the old price. Elon Musk, Tesla CEO,...
Imagine walking into a dealership to buy a new car and discovering that your preferred vehicle suddenly costs up to $5,000 more than it did not long ago. This situation could happen if President Donald Trump succeeds in raising tariffs on imports. If he does and other countries respond to it, we’re looking at a potential 25 percent tariff which will result in increased vehicle prices regardless of automaker. The average new vehicle sold in the US with various discounts factored in costs about $32,000. The 25 percent tariff will be passed down to the consumer resulting in a pri...
BMW has warned that it may be forced to reduce investment and slash its workforce at its Spartanburg, South Carolina, production facility if President Trump succeeds in imposing a 20 percent tariff on imported EU-built vehicles. This plant happens to be BMW’s largest in the world and ships more than 70 percent of its annual production output to other countries. But how can US tariffs on imports affect Spartanburg? Because other countries, such as China, have threatened to retaliate against the US imposed tariffs on their goods with tariffs of their own. China being one of Spar...
If president Donald Trump slaps a 25 percent tariff on imported cars, it may cost the U.S auto industry 1 million annual car sales, and that’s just the low end of the estimated damage. The projection by researcher LMC Automotive assumes that automakers would absorb at least half the cost of a tax on imported vehicles. If companies pass the full 25 percent cost on to consumers, it could snuff out about 2 million sales or more than 10 percent of annual U.S. deliveries. President’s order last month to investigate auto imports for potential trade penalties on national securi...