President Donald Trump has said he is looking to help some of the car companies affected by his 25% auto tariffs, pushing shares of automakers like Ford Motor, General Motors, and Stellantis higher by between 3% and 6%. The comments come as automakers have struggled to cope with the new tariffs.
Trump made the remarks during a meeting with Salvadoran President Nayib Bukele in the Oval Office, stating that some car companies need “a little bit of time” to move production to the US. He also hinted at potential plans to help companies switch to parts made in Canada and other countries.
The news boosted shares of Rivian Automotive, which rose by 4.9%, while Tesla’s shares remained steady. Other automakers saw smaller gains, with Toyota Motor, Honda Motor, and Lucid Group rising between 1.5% and 2%.
Automotive industry executives have described Trump’s comments as “some recognition that this is getting tough for the industry.” Despite reducing tariffs on most countries last week, the automotive tariffs remain in effect.
Manufacturers have responded to the tariffs with various strategies, including temporary employee pricing deals and increased production at certain US facilities. General Motors has also revised its production schedule, rescinding a previously announced downtime at a Tennessee plant.
Source: https://www.cnbc.com/2025/04/14/auto-stocks-rise-as-trump-says-he-wants-to-help-some-car-companies.html