Layoffs from tariffs ripple across the auto-parts industry
President Trump’s shifting stances on trade and tariffs have upended the planning of many companies that provide parts and equipment to big automakers.
Auto Industry
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Retail sales slid in May as Americans turned cautious
The figure was pulled down by a steep drop in auto sales, after Americans ramped up their car-buying in March to get ahead of a 25% duty on imported cars and car parts.
Allison Transmission to acquire Dana Inc. business unit for $2.7 billion
The business unit employs about 11,000 people in 25 countries. Allison did not specify if any jobs would be negatively affected by the deal.
GM to invest $4B to shift some production from Mexico to United States
The company will add production of the gas-powered Chevrolet Blazer and Chevrolet Equinox, which are made in Mexico, to two American plants starting in 2027.
Stellantis names Italian car executive Antonio Filosa its new CEO
Filosa is currently Stellantis’ chief operating officer for the Americas and chief quality officer.
Senate votes to block California’s rule banning sale of new gas-powered cars by 2035
California makes up roughly 11% of the U.S. car market, giving it significant power to shape purchasing trends.
Honda pulls back on EV strategy for now, will push hybrid sales
Honda said Tuesday that electric vehicle sales were slowing in the U.S., prompting the automaker to scrap its previous goal for EVs to be 30% of its global vehicle sales by 2030.
Trump agrees to cut tariffs on United Kingdom autos, steel and aluminum in trade deal
The United States already runs a trade surplus with the United Kingdom, making it a bit easier to find common ground.
Trump eases tariffs on imported auto parts through executive order
U.S. automakers had said the auto levies as previously announced would raise production costs and hit their profits. The auto industry is one of the biggest drivers of manufacturing jobs in the U.S. economy.
Trump to offer automakers some relief on tariffs over worries they could hurt factories
Automakers and independent analyses have indicated that the tariffs could raise prices, reduce sales and make U.S. production less competitive worldwide.
Electric vehicle maker Rivian planning service center in Fishers
The facility would be the second Rivian service center in Indiana following one that opened in March in Fort Wayne.
US to loosen rules on Tesla, other carmakers taking on China in race for self-driving cars
The Transportation Department said it will move toward a single set of national rules for the technology to replace a patchwork of state regulations.
Musk says he’ll spend less time in Washington, more running Tesla after profit plunges
The electric vehicle maker reported a 71% drop in profit and a 9% decline in revenue for the first quarter.
Retail sales jump by most in two years on car-buying rush
While autos saw the biggest advance in two years, the overall gain was broad, with 11 of the report’s 13 categories posting increases.
As Trump considers auto tariffs pause, parts exemptions could be key for industry
Though Trump says his tariffs are intended to bolster U.S. auto manufacturing, automakers aren’t able to reconfigure their sourcing in short periods of time, experts say.
Trump considers exceptions for auto parts facing 25% U.S. tariffs
President Donald Trump said he is exploring possible exemptions to his tariffs on imported vehicles and parts to give auto companies more time to set up U.S. manufacturing.
Quarterly Tesla sales drop 13% as Musk backlash, aging models hurt demand
Analysts are still not sure exactly how much the fall in sales is due to the protests or other factors. Electric car sales have been sluggish in general.
State sues General Motors, OnStar, claiming deceptive practices
The lawsuit accuses the companies of selling Indiana drivers’ personal data and driving-habit information to insurance companies without the drivers’ knowledge or consent.
Trump places 25% tariff on imported autos, expecting to bring in $100B in tax revenue
Foreign leaders were quick to criticize the tariffs, a sign that President Trump could be intensifying a broader trade war that could damage growth worldwide.
Automakers want to start banks, hoping to benefit from lighter-touch rules
In addition to the three U.S. carmakers, several other nonfinancial businesses are interested in seeking regulatory permission to launch their own banks.