** Shares of U.S. automakers regain ground premarket, after steep losses in Tuesday's session

** U.S. Commerce Secretary Howard Lutnick says President Donald Trump is weighing potential relief from 25% tariffs on Canadian and Mexican imports for certain sectors including automobiles

** Lutnick says announcement expected later in the day, after earlier comments that companies complying with rules under U.S.-Mexico-Canada Agreement on trade could see relief from tariffs

** General Motors GM.N rises 5.3%, Ford Motor F.N gains 2.4%, Tesla TSLA.O up 0.5%

** On Tuesday, GM dropped 4.6%, Ford lost 2.9% and Tesla fell 4.4%

** Tariffs could hike vehicle prices as much as 25%, trade group representing major automakers warned on Tuesday

** Up to previous close, index of S&P 500 automobile companies .SPLRCAUTO had slumped 31% YTD

(Reporting by Lisa Pauline Mattackal)

((LisaPauline.Mattackal@thomsonreuters.com;))