Bloomberg reports that Elon Musk’s Tesla is one of the few companies that has benefited from US President Donald Trump’s tariffs on cars.
Trump’s planned tariffs on car imports will hurt automakers worldwide, leading to higher US consumer prices. However, among the many losers, according to journalists, one winner stands out – Elon Musk’s Tesla.
“There are very few winners,” Sam Fiorani, vice president of global vehicle forecasting at AutoForecast Solutions, said in a phone interview.
“Consumers will be the losers because they will have limited choice and higher prices,” he added.
Tesla has large factories in California and Texas that produce all the cars it sells in the United States, which protects it from Trump’s new levies on imports of cars and key components.
Major competitors, including South Korea’s Hyundai Motor Co., Germany’s Volkswagen AG, and the US General Motors Co., will soon face steep price increases.