Shares of electric vehicle maker Rivian Automotive, Inc. (RIVN) plummeted 5.07% in pre-market trading on Monday, following the announcement of new tariffs imposed by the US government on imports from several countries.
The drop comes as US President Donald Trump imposed new tariffs of 25% on goods from Mexico and Canada, 10% on imports from China, and raised concerns over possible duties on EU imports as well. These tariffs, set to take effect at 5:01 GMT on Tuesday, have negatively impacted automakers across the board.
Major US automakers like General Motors (GM) and Ford (F) saw their stocks fall 7.5% and 4.3% respectively in pre-market trading. European carmakers such as Stellantis (STLA), Volkswagen (VOW), Volvo Cars (VOLCAR), Mercedes-Benz (MBG), BMW (BMW), and Porsche (P911) also experienced significant declines ranging from 4.1% to 7.6%. Even Toyota (7203.T) in Japan reported a 5% decrease.
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