** 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;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.