According to Refinitiv, when the Trump administration announced a 25% tariff on imported cars, the global automotive industry was instantly shaken. Traditional giants such as Ford, General Motors, and Stellantis saw their stock prices fall by 3% -8%, while Tesla rose 2% against the trend, becoming a rare highlight in the US automotive sector. Analysts point out that Tesla's ability to "stand alone" in this tariff storm lies in its highly localized production layout - most of its vehicles are manufactured domestically in the United States, and its supply chain is far less affected by tariffs than its competitors who rely on global procurement.

Localized production builds a 'tariff moat'

Tesla's Texas Gigafactory and other US production bases make it a "outlier" among global car companies. Data shows that approximately 85% of Tesla's supply chain is located in North America, with key components such as batteries and motors mainly coming from domestic or free trade agreement countries, greatly reducing the impact of tariffs. In contrast, traditional car companies' cross-border supply chains are facing enormous cost pressures, and Goldman Sachs predicts that the new tariffs may lead to a $5000 to $15000 increase in car prices in the US market.

However, Tesla is not completely immune. CEO Musk admitted that some imported components, such as lithium batteries made in China, will still be affected by tariffs, but the overall impact is far below the industry average. TD Cowen analysts even believe that Tesla may become a "relative beneficiary", especially in the mid size SUV market, where nearly 50% of competing models will increase in price due to tariffs, instead narrowing the price gap between Tesla electric vehicles and traditional fuel vehicles.

Musk's' political halo 'and public opinion risk

Despite Tesla's commercial advantage, its close relationship with CEO Musk and the Trump administration is sparking new controversies. As a presidential advisor, Musk's "Department of Government Efficiency" (DOGE) has faced criticism for massive layoffs, leading to protests against the Tesla brand in many parts of the world and a 40% drop in stock price since its peak last year.

In addition, although Trump claims that tariffs have a "neutral impact" on Tesla, industry observers point out that the global automotive industry is already deeply interconnected, and any trade barriers could trigger a chain reaction. If Tesla wants to maintain its advantage in the long term, it still needs to seek a balance between supply chain diversification and political risk management.

Industry reshuffle accelerates, localization may become a future trend

This tariff storm not only tests the short-term resilience of car companies, but also has the potential to reshape the global automotive industry landscape. Tesla's localization strategy proves that in today's increasingly geopolitical uncertainty, supply chain resilience is more strategically valuable than cost optimization. For traditional car companies, how to adjust their global layout under the high tariff wall will become a key issue in the coming years.

Automobile tariffs may exacerbate global trade frictions, raise market concerns about economic uncertainty, and drive investors towards safe haven assets such as gold. The decline in US stocks, especially automotive stocks, and the decrease in market risk appetite have also supported gold prices. On Friday (March 28th) in the Asian market, spot gold continued its upward trend, reaching a record high of $3063.36 per ounce.