Vertical drop, almost 8%, the US car industry stocked General Motorsin the opening of Wall Street, one day after the announcement of US President Donald Trump to enforce additional dictatorial 25% in imported cars
Around 16.00 (Greek time), General Motors is slightly alerted, but the fall continued to 6.38%. Ford also fell 2.57%, Stelanis by 3.01%, Toyota 2.86%and Honda 2.81%. The duties announced by Trump will be imposed on April 2 “on all vehicles not manufactured in the US”, as he said and the overall percentage of car taxation will reach 27.5% of their value.
82% of Ford vehicles sold in the US are manufactured in the country. Stelanis followed by about 71%, Honda with 68%, Toyota with 57%and General Motors with 53%.
In Europe, automakers’ shares also dropped: on the Frankfurt Stock Exchange, BMW’s stock declined 2.60% around 16.00 (Greek time), Mercedes by 4.17%, Porsche by 4.68% and Volkswagen by 2.42%.
In Wall Street, Tesla’s share remained in the “green”, as it recorded 1.62%. RBC Capital Markets analysts believe that electric car colossus can benefit from duties in its competition with other companies as it manufactures vehicles in the US.
Source: RES – EIA