Volvo Cars CEO says its customers must pay for rising tariffs

Source: Reuters

Volvo Cars CEO says its customers must pay for rising tariffs

Marie Mannes and Nora Eckert
Fri, May 23, 2025 at 8:21 AM EDT 2 min read

STOCKHOLM/DETROIT (Reuters) -Volvo Cars CEO Hakan Samuelsson said on Friday that its customers would have to pay a large part of tariff-related cost increases, and that it could become impossible to import one of its most affordable cars to the United States if levies increase.

U.S. President Donald Trump on Friday said he was recommending a straight 50% tariff on goods from the European Union starting from June 1, saying that the EU has been hard to deal with on trade.

Samuelsson told Reuters that a 50% tariff would limit the ability of Volvo Cars to sell its Belgium-made EX30 electric vehicle in the United States.

"That would of course be almost impossible," he said, adding that given the fluid nature of the tariff threat he would not speculate further.

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