London (AFP) – British luxury carmaker Aston Martin Lagonda said Wednesday that it is limiting shipments to the United States after US President Donald Trump slapped 25-percent tariffs on car imports. Automakers have been among the sectors hardest-hit by Trump’s tariffs onslaught as he moves to bring auto production back to the United States.
“We are carefully monitoring the evolving US tariff situation and are currently limiting imports to the US,” chief executive Adrian Hallmark said in an earnings statement. The company maintained its annual guidance as it reported a 13-percent drop in first quarter revenue and cut losses to £79.6 million ($106.5 million). It said it also expects “significant improvements” to its financial performance compared to 2024, where it recorded a net loss of £323.5 million.
The sector faces wider uncertainty after Trump on Tuesday eased the burden for automakers manufacturing vehicles in the United States, including limiting the impact of overlapping tariffs. Aston Martin generates around a third of its sales in the United States but manufacturers its cars in its UK factories.
It is not the only British carmaker to adjust shipments due to Washington’s tariffs, as Jaguar Land Rover paused exports to the United States in April while it worked on a new plan to adapt. Faced with financial difficulty, Aston Martin announced at the end of March that it planned to sell its minority stake in the Aston Martin Aramco Formula One team. The company announced in February that it would cut about five percent of its workforce as weak Chinese demand contributed to losses widening in 2024.
© 2024 AFP
