Toyota: tariffs would would throw grenade into US economy

At the recent NADA New York Auto Forum, Toyota EVP sales Bob Carter discussed the dangers of tariffs, investment in North America and the reality of EVs.

Bob Carter said that tariffs would hugely damage the US economy due to the percentage of parts for US made vehicles that have to be imported.

It would put up the price of the price of the average US car by $4000, he said. At around $560 per month, average lease payments saw consumers about as stretched as far as they can be.

He also said that Toyota is committed to future investment in North America, despite current political and economic challenges.

“Toyota does not base 50 year US plant investment decisions on four year political cycles,” he said.

Carter was sceptical about rapid electrification in North America as there is less legislative pressure compared to China and Europe.

He also reassured dealers that rumours of their imminent demise was exaggerated.

“There is no other OEM that is more committed to a US franchise system than Toyota. Wherever we go, we’re taking our retail partners with us.” he said.

Watch the full interview at top of story.

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