Shares of European automakers tumbled on Friday as concerns and insecurity in the auto industry rose after United States President Donald Trump slapped 25% tariffs on all non-US-made vehicles.
Following the announcement of auto levies, Stellantis NV decided to temporarily halt production at two assembly plants in Canada and Mexico and lay off nearly 5,400 employees.
Stellantis' stock dipped 7.07% at 3:42 pm CET, to sell for €8.71 apiece. A minute later, Volkswagen's shares dropped 2.69%, going for €89.82 apiece. At 3:44 pm CET, BMW's stock fell 4.01%, selling at €68.245 apiece, while Mercedes-Benz's shares went down by 4.71% to go for €49.320 apiece.
