Ford said on Wednesday the president of its gasoline vehicles business, Andrew Frick, would take on the additional role of leading its money-losing electric vehicle business.
It's almost hard to believe a little over a decade ago that automakers such as Ford Motor Company (F -1.88%) were grilled for not getting into China's booming automotive market sooner. China's market was finally supposed to turn into a second region that could rival the impressive profits found in North America; it was where automakers looked to for massive growth.
Here's how the newly imposed tariffs will impact the electric vehicle industry.
Tariffs fuel volatility as S&P 500 struggles. Nvidia, Ford, and GM slide while healthcare and utilities gain.
CNBC's Phil LeBeau reports on news regarding the impact of tariffs on the automobile industry.
US tariffs on Canada and Mexico could cost American automakers $46 billion according to James Picariello of BNP Paribas. He says the average vehicle price could go up by $2,900.
Ford (NYSE:F) is set to report fourth-quarter earnings on Wednesday, Feb.
Shares of automakers fell in early trade on Monday after the United States imposed a 25% tariff on most goods from Canada and Mexico and 10% on various Chinese goods, raising concerns about a potential global trade war. The tariffs will hit the automotive sector hard because it relies heavily on cross-border manufacturing and complicated supply chains.
The U.S. stock market sold off Monday as Wall Street digested President Donald Trump's tariffs on Canadian, Chinese and Mexican goods set to go into effect Tuesday, though much of the losses were concentrated in Michigan's auto sector and Silicon Valley.
Ford's January sales in the U.S. fell 6.3% owing to lower demand for its internal combustion (ICE) vehicles, the company said on Monday.
Markets were reeling Monday as the developing trade war between the U.S., Mexico, Canada and China looked set to escalate.
Shares of the Big Three automakers slumped on Monday in premarket trade as the impact of 25% tariffs on Canada and Mexico hit the companies hard.