When Chinese President Xi Jinping dines with President Donald Trump Thursday, many business luminaries are expected to attend, including Tesla CEO Elon Musk and General Motors CEO Mary Barra. Ford Motor CEO Jim Farley, apparently, will not be dining with them.

Ford declined to comment on the guest list, which was compiled by Reuters. The White House didn't immediately respond to a request for comment.

Ford stock might be reacting to the news. Shares were down 1.3% in early trading Wednesday at $12.92, while the S&P 500 was off 0.5%. GM shares were flat, and Tesla stock was up 0.6%.

Cars will almost certainly come up in conversation between the two leaders. Currently, the U.S. car business is in the best shape globally, with GM, Ford, and Tesla generating stable profits. The Chinese auto industry is not healthy. Chronic, severe overcapacity has led to weak profits, with Chinese auto makers looking to foreign markets to soak up excess production. Chinese exports are consequently hurting European auto profits, too.

Investors have always been nervous about Chinese cars. They became a little more nervous after Sen. Elissa Slotkin (D., Mich.) suggested in an early September post on X that Trump would allow Chinese cars to be sold in the U.S. That would shift China's overcapacity problems to the U.S.

Musk, Barra, and Farley are likely to support continued tariffs on Chinese imports to the U.S. and presumably would like to see the Chinese industry restructure, with the government assisting to reduce capacity and exports.

Farley might have to rely on Musk and Barra to make the case. Ford has found itself in a little hot water with the Trump Administration. Recently, Transportation Secretary Sean Duffy expressed "profound concern" over Ford's licensing of Chinese battery technology and its plans to team with Chinese car maker Geely to build cars together in Europe.

In response, Ford noted that it is the most American auto maker-assembling the most vehicles domestically and employing more U.S. workers than any other car manufacturer.

To be sure, Farley and Trump have had positive interactions. The president visited a Ford truck plant near Detroit earlier this year.

Trump also addressed the Detroit Economic Club, touting the success of his tariffs and the revitalization of the American manufacturing economy, among other things.

He also said, "Let China come." That declaration, however, was made on the condition that Chinese companies would build factories in the U.S. and hire U.S. workers to work in them.

Ultimately, U.S. investors will be looking to see if tariffs or other automotive policy will change following Trump's summit with Xi. That's what matters most, whether Ford attends the dinner or not.