A US auto industry trade group said new duties on vehicles from Canada and Mexico will significantly raise vehicle prices, Reuters reported Tuesday, citing a statement from the Alliance for Automotive Innovation.
The group, which represents major car manufacturers including General Motors (GM), Ford (F), Toyota (TM), and Stellantis (STLA), reportedly said some vehicle prices could increase by as much as 25% due to the newly introduced tariffs.
Reuters cited Alliance CEO John Bozzella as saying North America's auto supply chain is highly interconnected, with some parts crossing borders several times before a vehicle is assembled, making it difficult to shift production quickly.
The news outlet added that Stellantis informed dealers that the potential impact is being discussed with the administration. The tariffs could increase costs for Chrysler, Dodge, Jeep, and Ram models, the company said in an email.
General Motors, Ford, Toyota, and Stellantis did not immediately respond to MT Newswires' request for comment.
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