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U.S. automakers face a 50% tariff on steel and aluminum and a 25% tariff on parts and finished vehicles, with some exceptions for products covered under the USMCA that went into effect in 2020.

“The top-down macro evidence seems clear: Americans are mostly paying for the tariffs,” George Saravelos, global head of FX research at Deutsche Bank.

Americans bought 310,800 EVs in Q2, a 6.3% drop from the year-earlier period. However, the sales dip — 21,000 vehicles — was nearly equal to the slump in transactions for Tesla.

General Motors said it suffered a $1.1 billion profit hit from President Donald Trump’s tariffs and revealed no plan for a near-term fix to return to pre-tariff profit levels.

General Motors and LG Energy Solution plan to add more battery production lines at their joint venture plant in Tennessee to make lower-cost cells starting in late 2027, the companies said.

Cruise, the embattled self-driving car subsidiary of GM, has laid off 101 more employees across the Bay Area, marking the latest round of job cuts as the company scales back its robotaxi efforts.

GM announced plans to invest $4 billion to shift some production from Mexico to U.S. manufacturing plants as the automaker navigates tariffs that could drive prices higher.

General Motors has halted shipments of a small number of U.S.-made vehicles to China as the fallout of President Donald Trump’s tariffs reshapes the global auto sector.

GM has hired Sterling Anderson, the former director of Tesla’s Autopilot program and a co-founder of autonomous startup Aurora, as chief product officer overseeing all vehicle development.

General Motors on May 5 named Duncan Aldred the new president of the automaker’s North America operations amid tensions between President Donald Trump, Canada and Mexico over tariffs.