Auto stocks rise as Trump says he wants to 'help' some car companies
DETROIT — Shares of automakers jumped during midday trading Monday following President Donald Trump saying he’s looking to “help some of the car companies.”
DETROIT — Shares of automakers jumped during midday trading Monday following President Donald Trump saying he’s looking to “help some of the car companies.”
The automakers “need a little bit of time” to move their production to the U.S., Trump said during a meeting Monday with Salvadoran President Nayib Bukele in the Oval Office.
“I’m looking for something to help some of the car companies, where they’re switching to parts that were made in Canada, Mexico and other places, and they need a little bit of time, because they’re going to make them here,” Trump said. “But they need a little bit of time, so I’m talking about things like that.”
The comments pushed stocks such as Ford Motor, General Motors and Chrysler parent Stellantis higher, swinging from trading level or negative to being up between 1% and 4%. Shares of Rivian Automotive also were up 3%, while shares of Tesla were off by roughly 2%.
Share of automakers such at Toyota Motor and Honda Motor were up less than 2% during midday trading.
Rating: 5