Auto shares slide as first set of tariffs kick in

Shares of auto companies slide as U.S. President Donald Trump's previously announced 25% tariffs on auto imports activate

U.S.-based shares of Stellantis STLAM.MI down 7.5%, Ford F.N falls 3.8%, General Motors GM.N down 2.5%

Tariffs could cost consumers more than $30 billion in higher vehicle prices and reduce car sales in the first full year, consultancy firm Anderson Economic Group said

Tariffs on auto parts, which activate on May 3, will cover more than $460 billion worth of imports of vehicles and auto parts imports annually

Reciprocal tariffs announced by Trump do not stack atop the auto tariffs, said James Picariello, analyst at BNP Paribas Exane

Added that the current tariffs would affect 50% of all vehicles sold in the U.S. and raise average price of a new vehicle by about 7% or $3200