The interim CEO of Lucid Motors, Marc Winterhoff, has now warned that President Donald Trump’s latest tariffs will increase the cost of automobile production in the U.S., as the automotive sector is still dependent on global supply chains for essential components.
Speaking during a visit to the Panasonic battery factory in De Soto, Kansas, Winterhoff emphasized that American electric vehicle manufacturers import raw materials, especially for battery production, which are subject to new tariffs.
It is worth noting that Lucid, the electric vehicle manufacturer, is accelerating efforts to localize the supply of battery materials, having recently signed a supply agreement with Graphite One. On its part, Lucid’s current partnership with Panasonic, which began in 2022, is being restructured to offset costs with the new tariff regime imposed by the U.S. president.
The increase in vehicle costs, driven by tariffs, is seen as a brake on demand, particularly for electric vehicles. It is noteworthy that data revealed by “Rho Motion” shows that electric vehicle sales in the U.S. fell by 1% in June, and analysts predict that they will struggle to recover in the remaining six months, after President Donald Trump ended incentives for purchasing electric vehicles.
