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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...
Because of low gas prices, people are trading their small cars for large trucks and SUVs. Back in 2013, the US car market was split between cars and trucks, but trucks have seen a massive boom in popularity. Automotive News reports that through May 2018, trucks outsold cars by two-to-one. Automakers like Ford are changing their strategies, killing off small sedans and hatchbacks to focus on SUVs and mid-size trucks. Many experts predict that truck sales will continue to grow well into the next decade. As trucks become more popular, cars are experiencing their worst sales year in dec...
Volvo had barely savored its new factory in Charleston, South Carolina before newly imposed tariffs threatened its future. This plant was opened to build the all-new S60 sedan as well as the next-generation XC90 SUV. Volvo was set to hire around 4,000 new employees, but Automotive News Europe reports that these plans might be up in the air due to the fear of the tariffs. If these tariffs are imposed, it could have a major effect on Volvo’s new factory. Volvo’s CEO Hakan Samuelsson said that if there are trade barriers and restrictions, they won’t be able to create ...
Consumers have a short memory when it comes to gas prices. When they go down, buyers rush out to trade their small, economical hatchback for a large, three-row SUV. That’s what happened in 2017 when gas prices dropped and small cars were traded into dealers on large cars and trucks. Now, oil prices are rising and Automotive News reports that people want their small cars back. But due to a lack of supply used prices are currently rising on small cars. Some analysts believe a seasonal uptick is responsible for the increased demand, while others point to industry decisions by maj...
