Automakers regain ground as US official flags possible tariff relief

Shares of U.S. automakers regain ground premarket, after steep losses in Tuesday's session

U.S. Commerce Secretary Howard Lutnick says President Donald Trump is weighing potential relief from 25% tariffs on Canadian and Mexican imports for certain sectors including automobiles

Lutnick says announcement expected later in the day, after earlier comments that companies complying with rules under U.S.-Mexico-Canada Agreement on trade could see relief from tariffs

General Motors GM.N rises 5.3%, Ford Motor F.N gains 2.4%, Tesla TSLA.O up 0.5%

On Tuesday, GM dropped 4.6%, Ford lost 2.9% and Tesla fell 4.4%

Tariffs could hike vehicle prices as much as 25%, trade group representing major automakers warned on Tuesday

Up to previous close, index of S&P 500 automobile companies .SPLRCAUTO had slumped 31% YTD