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Investing.com -- Lucid Group (NASDAQ:LCID)’s interim CEO Marc Winterhoff cautioned that President Donald Trump’s tariffs will increase automobile manufacturing costs, even for vehicles built in the United States.
In a Bloomberg Television interview on Monday, Winterhoff explained that the global nature of automotive supply chains means domestic manufacturers still need to import raw materials and certain parts from other countries.
"For the American consumers, vehicles are going to be more expensive under the tariff regime. There’s no other way around it," Winterhoff said. "There’s a reason the supply chain is so global."
Winterhoff said the automaker is now working with Panasonic (OTC:PCRFY), its battery supplier, to source more of the cell supply’s raw materials within the United States, Winterhoff said while speaking from Panasonic’s newest U.S. battery plant in De Soto, Kansas. However, Lucid will not use cells produced at this new facility in its vehicles until next year.
"I still have to say, and I hope Panasonic hears that, there is some room for improvement," Winterhoff noted, "but also right now with the tariffs, this is a very good move for us."