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GM says Cadillac F1 project not affected by auto tariff hit

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Reduced profit expectations and a potential $5 billion hit from automotive tariffs will not affect Cadillac's Formula One debut next season, General Motors President Mark Reuss said on Saturday.
General Motors (GM) has confirmed that its Cadillac brand's entry into Formula 1, in collaboration with Andretti Global, remains on track despite the U.S. imposing new tariffs on Chinese electric vehicles (EVs) and batteries. These tariffs, announced by the Biden administration, will not impact the project's timeline, as stated by a GM spokesperson. The new tariffs, set to increase from 25% to 100% on Chinese EVs and from 7.5% to 25% on lithium-ion EV batteries, are part of broader efforts to protect U.S. manufacturers. GM and Andretti Global aim to enter Formula 1 in 2028, with the project continuing to progress as planned.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/autos-transportation/gm-says-cadillac-f1-project-not-affected-by-auto-tariff-hit-2025-05-03/ ]