{"id":786,"date":"2025-01-28T16:36:42","date_gmt":"2025-01-28T16:36:42","guid":{"rendered":"https:\/\/www.insuracarelife.com\/blog\/g-m-has-plans-ready-for-trumps-canada-and-mexico-tariffs\/"},"modified":"2025-01-28T16:36:42","modified_gmt":"2025-01-28T16:36:42","slug":"g-m-has-plans-ready-for-trumps-canada-and-mexico-tariffs","status":"publish","type":"post","link":"https:\/\/www.insuracarelife.com\/blog\/g-m-has-plans-ready-for-trumps-canada-and-mexico-tariffs\/","title":{"rendered":"G.M. Has Plans Ready for Trump\u2019s Canada and Mexico Tariffs"},"content":{"rendered":"<div data-testid=\"companionColumn-0\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">General Motors executives are closely tracking President Trump\u2019s plans to impose tariffs on imports from Canada and Mexico, but the company is not yet making any major changes to its strategy in North America in response to the threatened tariffs.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The automaker has pulled together an \u201cextensive playbook\u201d of possible options but won\u2019t put them in place \u201cuntil the world changes dramatically, and we see a permanent level of tariffs going forward,\u201d the company\u2019s chief financial officer, Paul Jacobson, told reporters in a conference call on Monday evening.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cI won\u2019t go into the details exactly but we\u2019ve been preparing for that and want to make sure that we are prudent and don\u2019t overreact,\u201d he added.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump said last week that he planned to impose tariffs of 25 percent on goods from Canada and Mexico starting on Saturday, Feb. 1. If he followed through on those plans, the tariffs would deal a big blow to G.M. and other automakers that produce vehicles and components in those countries, and probably increase the prices of many vehicles sold in the United States.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-1\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">G.M. produced nearly 900,000 vehicles in Mexico in 2024, more than any other carmaker, and most of those were shipped to the United States. Among them are the Chevrolet Silverado and GMC Sierra pickup trucks, as well as the Chevrolet Equinox sport-utility vehicle \u2014 all top-sellers and big sources of profit for the company. It also produces some Silverados and electric delivery vans in Canada.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">G.M. said on Tuesday that it lost $3 billion in the final three months of 2024, stemming from a $4 billion noncash expense related to a restructuring of its joint venture operations in China. The company\u2019s revenue in the quarter rose 11 percent.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">For all of 2024, G.M. reported a $6 billion profit, down from $10.1 billion in 2023. Almost all of its profit came from North America.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The company also said its electric vehicle business is making progress toward becoming profitable. The company produced about 189,000 electric vehicles in North America last year and hopes to produce about 300,000 in the region in 2025, Mr. Jacobson said.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">G.M.\u2019s electric vehicle business may also suffer if Mr. Trump and Republicans in Congress repeal or reduce Biden-era tax breaks that make those cars and trucks more affordable and give companies incentives to manufacture batteries in the United States.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-2\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">In a letter to shareholders, G.M.\u2019s chief executive, Mary T. Barra, said the company has stressed in its conversations with Congress and the White House the importance of a strong manufacturing sector and American leadership in advanced technologies.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cWhatever happens on these fronts, we have a broad and deep portfolio of ICE vehicles and E.V.s that are both growing market share,\u201d she said, referring to vehicles with internal combustion engines as well as electric vehicles, \u201cand we\u2019ll be agile and execute as efficiently as possible.\u201d <\/p>\n<p class=\"css-at9mc1 evys1bk0\">Because of the company\u2019s strong performance in North America, G.M. said it would pay bonuses of $14,500 each to 46,000 members of the United Automobile Workers union who work in its U.S. plants.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n","protected":false},"excerpt":{"rendered":"<p>General Motors executives are closely tracking President Trump\u2019s plans to impose tariffs on imports from Canada and Mexico, but the company is not yet making any major changes to its strategy in North America in response to the threatened tariffs. The automaker has pulled together an \u201cextensive playbook\u201d of possible options but won\u2019t put them [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[201,498,202,296,213,199,197],"class_list":["post-786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-canada","tag-g-m","tag-mexico","tag-plans","tag-ready","tag-tariffs","tag-trumps"],"_links":{"self":[{"href":"https:\/\/www.insuracarelife.com\/blog\/wp-json\/wp\/v2\/posts\/786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.insuracarelife.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.insuracarelife.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.insuracarelife.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.insuracarelife.com\/blog\/wp-json\/wp\/v2\/comments?post=786"}],"version-history":[{"count":0,"href":"https:\/\/www.insuracarelife.com\/blog\/wp-json\/wp\/v2\/posts\/786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.insuracarelife.com\/blog\/wp-json\/wp\/v2\/media\/787"}],"wp:attachment":[{"href":"https:\/\/www.insuracarelife.com\/blog\/wp-json\/wp\/v2\/media?parent=786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.insuracarelife.com\/blog\/wp-json\/wp\/v2\/categories?post=786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.insuracarelife.com\/blog\/wp-json\/wp\/v2\/tags?post=786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}