0959 GMT - European carmakers' worst case scenario of further reciprocal tariffs didn't happen, UBS says. However, President Trump's 25% tariff on imported vehicles will take effect, as previously announced. Given the unsurprising outcome, UBS sticks to its previous comments that Porsche faces over 20% EPS downside risk, Mercedes and BMW around 20% EPS risk and VW Group 33% EPS risk. Stellantis, which will be more affected by tariffs on Mexico and Canada, is seen with 28% EPS risk. "We expect the original equipment manufacturers to cut their full-year 2025 EBIT margin guidance in due course, possibly even ahead of their Q1 disclosures." The cuts could be as high as 200 basis points for BMW and Mercedes and even higher for Porsche. (dominic.chopping@wsj.com)
(END) Dow Jones Newswires
April 03, 2025 06:02 ET (10:02 GMT)
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