GM and Ford reported significant boosts in vehicle sales ahead of the Trump administration's forthcoming 25% tariffs on imported vehicles. GM's sales surged nearly 17% year-over-year, while Ford experienced a 19% retail sales increase in March. Despite some overall declines due to model discontinuations, the rush to purchase cars before the tariffs enact demonstrates consumer concern over potential price hikes. Analysts warn the tariffs could devastate profit margins for automakers, especially affecting EV prices significantly. Other manufacturers like Hyundai and Toyota also saw sales increases, reflecting a broader trend among car buyers.
"After Trump announced the auto tariffs, dealers and economists told BI that customers were 'rushing' to buy cars before they came into effect."
"Trump's auto tariffs will have devastating impacts on the industry, pushing up prices and potentially wiping out profits of the Detroit 'Big Three'."
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