Shares in Tesla were down in premarket trading as the carmaker lays out the risks from President Trump’s tariffs and his scrapping of tax credits.
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.
In the first tangible inroads Elon Musk has sought for years in India, Starlink passed a final regulatory hurdle and Tesla opened its first India store.
The Commerce Department plans to impose a 93.5 percent levy on Chinese graphite, an essential ingredient in the batteries that power electric vehicles.
China’s national champion carmaker BYD embodies a state-led industrial model that America may no longer be able to compete with.
BYD and other companies doubled their share of the car market after the European Union imposed higher tariffs on electric vehicles from China.
Battery companies are slowing construction or reconsidering big investments in the United States because of tariffs on China and the proposed rollback of tax credits.
The storied sports car maker, which was facing challenges from China and slumping demand for electric cars, now has to grapple with tariffs from the Trump administration.
Domestic factories that make batteries to store power to meet America’s rising energy demand depend on Chinese components and federal subsidies.