In March, the auto industry experienced a surge in sales as consumers hurried to finalize purchases before President Trump's impending tariffs on imported vehicles and parts would increase prices. Notably, Hyundai reported a 13% rise in March sales while Ford saw a 19% increase, although overall quarterly sales dropped slightly due to decreased fleet sales. General Motors enjoying a 17% quarterly growth, highlighted the simultaneous rise in popularity for electric and hybrid vehicles, particularly with increases in sales of models like the Equinox and Mustang Mach-E. Analysts warn prices could surge over $10,000 due to tariffs.
March experienced a significant surge in auto sales as consumers rushed to purchase before anticipated tariffs on imported vehicles increased prices dramatically.
Ford and Hyundai reported impressive sales increases in March, reflective of consumer anxiety over looming tariffs, but overall quarter sales for Ford saw a slight decline.
The introduction of tariffs on imported vehicles and parts is expected to raise prices significantly, with estimates suggesting increases by over $10,000 for some models.
Electric and hybrid vehicle sales surged, with General Motors reporting a near doubling of electric vehicle sales as interest in affordable models like the Equinox grew.
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