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Will US Tariffs Begin Raising Car Prices? Ford to Raise Up to $2,000
Hankyung | Local Language | News | May 9, 2025 | UndeterminedTrade Issues and Numbers
Ford Motor Company announced a price increase for three vehicles manufactured in Mexico due to a 25% import tariff on automobiles imposed by the United States. The affected models include the Mustang Mach-E Electric SUV, the Maverick pickup truck, and the Bronco Sport SUV, with price hikes ranging from $600 to $2,000. This price adjustment marks the first time a major automaker has raised vehicle prices following the tariff implementation, and the increases will apply to vehicles produced after May 2, 2025.
Although Ford primarily manufactures its vehicles domestically, analysts suggest that the decision to raise prices stems from anticipated instability in the automobile supply chain caused by the tariff policy. Ford expects to spend an additional $2.5 billion this year due to these tariffs, which can impose a 25% fee on Mexican vehicles lacking US parts, despite exemptions for those that include US-made components. Several other automakers, like Volkswagen and Nissan, are also eyeing potential price increases in light of these tariff costs.
As new car prices rise, demand for used cars has surged, evidenced by a 4.9% increase in the Mannheim Used Car Price Index year-on-year in April 2025. This trend has been exacerbated by production halts from General Motors, Stellantis, and Nissan. The uncertainty surrounding tariffs has led automakers including GM, Ford, and Volvo to lower or withdraw their earnings forecasts for this year. GM expects the tariffs to impact its earnings by $4 to $5 billion, adjusting its EBIT forecast down significantly.