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According to Reuters, Toyota North America has just announced a $1 million sponsorship for the inauguration of the new US President, Donald Trump, on January 20. The day before, Ford Motor and General Motors (GM) also announced similar support and provided additional vehicles for the event.
It is understandable that a number of automakers have voiced their support for Trump. The proposed import tariffs from Mexico and Canada, which Trump is considering, could impact the production operations of several brands, including Toyota, Ford, and GM.
Meanwhile, Jim Farley, Ford’s CEO, shared with the media that he is optimistic and believes that the new President will be open and have policies favorable to companies.
In late November, Trump declared that he would impose import tariffs of up to 25% on cars manufactured in Mexico and Canada. The President asserted that the reason for this decision stems from the illegal immigration status of people from these two countries.
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Ford Motor could also face challenges if the new import tariffs are implemented. Photo: Ford. |
Currently, Ford, GM, Stellantis, Toyota, and Honda have all established factories and produced over 1.54 million vehicles in 2023 in Ontario, Canada, the hub of the country’s automotive industry. Toyota is also focusing on manufacturing several models in Mexico, including the Tacoma pickup truck.
The implementation of new tariffs could lead to increased production costs and, consequently, higher car prices, making the sales landscape more challenging.
According to Wells Fargo’s estimates, when the new import tariffs are applied, auto parts from Mexico, China, and Canada will increase in price by $600 to $2,500. As a result, new car prices are expected to rise by approximately $1,750 to $10,000 per vehicle.
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