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President Trump told NBC News over the weekend that he “couldn’t care less” if the prices of cars go up in the U.S. due to his 25% tariffs on imported vehicles and parts. “I hope they raise their prices,” he added, “because if they do, people are going to buy American-made cars.” The vehicle tariffs are set to come into effect on April 3, and Bloombergreports that JPMorgan analysts expect auto prices to increase by 11% on average. “The impact for potential EV buyers is clear,” wrote Andrew Moseman for Heatmap. “New car prices will soar by thousands of dollars with Trump tariffs in place. That will be particularly troublesome for EVs, which are staring down the prospect of this administration trying to remove federal tax credits for Americans who buy electric. If you really want to get into an EV, the best bet might be to act right now before any of this madness takes effect in April.”
On the radar this week: There are two special elections tomorrow in Florida, one of which is looking surprisingly close. Democrats are hoping their candidate, Josh Weil, can flip Florida’s Sixth Congressional District, which is vacant after former Rep. Mike Waltz resigned to become national security adviser to President Trump. Weil has outraised his Republican opponent, State Senator Randy Fine, prompting concern within the GOP about the party’s razor-thin majority in the House. The other special election, for Florida’s First Congressional District, looks less competitive. As Heatmap’s Emily Pontecorvo and Jael Holzman report, the balance of the chamber has big implications for the fate of the Inflation Reduction Act as the House Ways and Means Committee debates which programs to keep and which to cut to pay for Republicans’ desired tax cuts.
Volvo CEO Jim Rowan is stepping down today and will be replaced on an interim basis by the company’s former CEO Håkan Samuelsson. The move “is somewhat surprising,” said Iulian Dnistran at InsideEVs, “seeing how last year, Volvo posted its best-ever sales, profits and revenue figures.” But Rowan recently warned of a “very challenging year” ahead as trade tensions rise. The company is expected to be hit hard by President Trump’s tariffs on imported cars, and the board is seeking a “steady hand” at the helm.
Samuelsson served in the role for about a decade leading up to 2022, before handing the reins to Rowan. Volvo’s share price has dropped by 66% over three years as the EV transition has progressed more slowly than anticipated. Last year the company abandoned its goal of selling only EVs by 2030 as demand lagged. “With fast-moving technological shifts, growing geopolitical complexity, and intensifying competition across regions, the board believes the company is best served by leadership with deep industrial experience, deep knowledge of our group, and a proven ability to execute in challenging environments,” Volvo said. Samuelsson will serve as CEO for two years as the company searches for a permanent replacement.
China has discovered a large oilfield in the South China Sea with reserves of more than 100 million tons, according to the state news agency Xinhua. The Huizhou 19-6 oilfield sits off the coast of Shenzhen and is in very deep waters, which makes it harder to explore. China is looking to become more energy independent, and the discovery could curb its oil imports. The country’s demand for oil-based fuels has been declining in part because of its rapid transition to electric vehicles. But demand is still growing for oil that gets turned into plastics and textiles. “Oil demand for petrochemicals in China rose by almost 5% in 2024 as new plants came online, a trend that is expected to continue in the next few years,” according to the International Energy Agency.
Fossil fuel emissions in the European Union fell by nearly 3% last year as the power sector moved away from coal. The decline was smaller than the 8.5% drop seen between 2022 and 2023.
