United States. The tariffs will come into force on April 2 and will affect what represents 8% of global trade and 44% of sales of light vehicles in the country, according to a report by Bank of America Global Automobiles (BoFA).
The analysis details that 50% of these cars come from Mexico and Canada, 11% from Europe, 18% from Japan and 19% from South Korea. The most affected manufacturers will be GM (25% of their sales), Ferrari, Porsche and Aston Martin (25-30%), Subaru (32%) and Mazda (27%).
BoFA warns that if tariffs remain in place in the long term, global manufacturers will need to adjust their projections. However, the effect will depend on whether the U.S. exempts Mexico and Canada, which would redirect the biggest impact to Europe and Asia.
Despite these measures, BoFA maintains its growth forecast for the light vehicle market in the US, with an increase of 2.9% in 2025 and 7.5% in 2026, driven by the aging of the fleet.
The report also highlights that Tesla continues to lose global share, with a 14% drop in year-on-year sales, while China's BYD increased by 91%, selling more than twice as many units as its U.S. competitor in January and February.
Meanwhile, global sales of light vehicles grew by 7.9% in February, although with regional differences due to the seasonality of the Lunar New Year in China and one less day of sales for the leap year.
