The prices of used electric cars have fallen sharply in recent months, making them a more attractive option.
But automakers can’t absorb the cost forever and will soon begin to raise new car prices, analysts say.
Lyten will acquire German and Swedish factories built by Northvolt, which declared bankruptcy in March.
President Trump and Republicans in Congress are eliminating federal incentives to buy electric vehicles, but carmakers need to keep selling and investing in them.
President Trump and Republicans in Congress are eliminating federal incentives to buy electric vehicles, but carmakers need to keep selling and investing in them.
The company estimated that duties on imported cars and car parts would cost it $2 billion this year.
Elon Musk has said that robotaxis are the company’s future, but most revenue still comes from cars.
General Motors was the second auto company this week, after Stellantis, to show the toll that President Trump’s trade policies are taking on the industry.
The Commerce Department plans to impose a 93.5 percent levy on Chinese graphite, an essential ingredient in the batteries that power electric vehicles.
The annual meeting will be in November, nearly four months after what is required under Texas law.