General Motors is shifting production at its Ohio facility away from EV drive units and toward transmissions for gas-powered vehicles, according to CNBC. While the pivot follows Trump’s newly announced 25% tariffs on auto imports, GM says the decision is unrelated and driven by market demand for internal combustion engine vehicles. GM previously invested $760 million to transform Toledo into an EV drive unit hub but has not yet produced retail units there. Trump’s tariffs are reshaping the auto landscape, with some companies accelerating U.S. investments. Analysts estimate the tariffs could add over $100 billion in industrywide costs by 2025, with new parts tariffs set to take effect by May 3.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02General Motors is shifting production at its Ohio facility away from EV drive units and
00:06tour transmissions for gas-powered vehicles, according to CNBC. While the pivot follows
00:11Trump's newly announced 25% tariffs on auto imports, GM says the decision is unrelated
00:16and driven by market demand for internal combustion engine vehicles. GM previously
00:20invested $760 million to transform Toledo into an EV drive unit hub, but has not yet
00:26produced retail units there. Trump's tariffs are reshaping the auto landscape, with some
00:30companies accelerating U.S. investments. Analysts estimate the tariffs could add over $100 billion
00:35industry-wide costs by 2025, with new parts tariffs set to take effect by May 3rd.
00:42For all things money, visit Benzinga.com slash GSTV.