United States President Donald Trump has said he is looking to “help some of the car companies” causing car maker stocks to spike on Monday.
Ford Motor, General Motors and Chrysler parent company Stellantis shares were all driven higher, jumping up from trading level or in the negative to up between 3% and 6%.
Rivian Automotive closed on Monday up by 4.9%, and Toyota Motor, Honda Motor and EV startup Lucid Group closed up by between 1.5% and 2%.
The comments follow Trump's round of tariffs on 3 April, confirming a 25% tax would be applied on imported vehicles.
On Monday again, he confirmed that automakers “need a little bit of time” to move their production over to the U.S., during a meeting with Salvadoran President Nayib Bukele in the Oval Office.
“I’m looking for something to help some of the car companies, where they’re switching to parts that were made in Canada, Mexico and other places, and they need a little bit of time because they’re going to make them here,” Trump said.
“But they need a little bit of time, so I’m talking about things like that.”
Manufacturers that are mostly domestic to the States, such as Ford and Stellantis, have already announced temporary deals for employee pricing in the wake of the tariffs, while others, including the British carmaker Jaguar Land Rover, have ceased U.S. shipments.
GM has been strategically increasing some U.S. production, including upping output at a pickup truck plant in Indiana, while a spokesman for the company on Monday confirmed previously scheduled downtime at it's Tennessee plant was cancelled, a location which produces several Cadillac crossovers.
