Introduction
The price for a battery-electric crossover vehicle could rise as much as $12,000, a full-size SUV by $9,040 and a pickup truck by $7,960, according to a report from consultancy Anderson Economic Group, which reviewed unnamed models from from GM, Ford, Chrysler, Toyota, Honda, Kia, BMW, Audi and Tesla assembled in North America.
Furthermore,
- U.S. auto sales could drop by half a million vehicles because of the tariffs according to Dan Hearsch, leader of the Americas automotive practice at consultant AlixPartners, Bloomberg reports.
- Tariffs are also expected to result in production and employment cuts, Anderson Economic Group said.
- Car insurance rates are expected to rise 60% faster, resulting in an average cost of $2,502 a year for full-coverage car insurance after tariffs by the end of 2025, instead of $2,435, which represents an 8% climb versus 5%, according to ConsumerAffairs.
