Stellantis sees greater tariff impact
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This earnings season is revealing the real impact of President Trump’s steep tariffs on European automakers. CNBC’s Silvia Amaro takes a look under the hood.
The company, which owns Jeep, Peugeot, Fiat and other brands, said it might soon have to begin raising prices.
General Motors is the latest U.S. auto giant to say tariffs have taken a chunk from their earnings. The company beat earnings expectations on Tuesday, but reported a decline in second-quarter profits, including a $1.1 billion hit as a result of hefty import taxes.
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The company reported preliminary losses of $2.7 billion on $83 billion in revenue for the first six months of the year, compared to a profit of $6.5 billion on nearly $100 million in revenue in
General Motors was the second auto company this week, after Stellantis, to show the toll that President Trump’s trade policies are taking on the industry.
“A world with tariffs is unacceptable for us,” Beato said. “A world with tariffs puts our plant in a vulnerable position, even more so than it is now, and not only for our plant, but all of southern Ontario and the whole auto industry.”