U.S. President Trump said he could impose 25% tariffs on Canada and Mexico from Feb. 1, sending shares of several Asian automakers and battery firms lower in trading on Tuesday.
Here are companies that may be affected (by sector, in alphabetical order):
AUTOMAKERS
AUDI
BMW
BYD
Chinese EV maker BYD (002594.SZ) has been scouting for locations to build a plant in Mexico but has said repeatedly that the factory will serve the domestic market and not produce cars to be sold in the U.S.
HONDA MOTOR
JAC MOTORS
China's JAC Motors (600418.SS) has since 2017 had a joint venture in Mexico with Giant Motors to assemble JAC brand vehicles. SAIC-owned (600104.SS) MG in August announced plans to build a plant in the country.
KIA CORP
South Korea's Kia Corp (000270.KS) has a factory in Mexico that makes its own vehicles and a small number of Tucson SUVs for its affiliate Hyundai Motor (005380.KS) for U.S. exports.
MAZDA
Its President Masahiro Moro said in November that the tariff issue is "not a problem that can be solved by individual companies" and it would carefully examine the details before deciding its response.
NISSAN MOTOR
STELLANTIS
TOYOTA MOTOR
VOLKSWAGEN
Volkswagen's factory in Puebla is the largest auto plant in Mexico and one of the largest in the VW Group, according to the carmaker's website. Nearly 350,000 cars were made there in 2023, including the Jetta, Tiguan and Taos, all for export to the U.S.
AUTO SUPPLIERS
AUTOLIV
Sweden's Autoliv , the world's largest maker of airbags and seat belts, said it employs around 15,000 staff in Mexico, declining to comment on exports into the U.S. from there.
MICHELIN
Tyre maker Michelin (MICP.PA) has two plants in Mexico - Queretaro and Leon - and three in Canada: Pictou, Bridgewater and Waterville.
YANFENG
Chinese seat maker Yanfeng Automotive Interiors has been producing in Mexico for years to supply automakers including General Motors (GM.N) and Toyota.
OTHERS
Other parts makers with plants in Mexico serving automotive production for the U.S. market include Italian tyremaker Pirelli (PIRC.MI), Italian premium brake maker Brembo (BRBI.MI) and Italy's Eurogroup Laminations (EGLA.MI).
Eurogroup Laminations, which has Tesla (TSLA.O) among its clients, specialises in stators and rotors, two key components of electric motors and generators.
U.S. automaker Tesla encouraged its Chinese suppliers to set up plants in Mexico in 2023 to mainly supply its planned factory in Mexico.
Tesla originally planned to start production in Mexico in early 2025 but has largely shifted to an expansion plan for its Texas plant.
ELECTRONICS
FOXCONN
The world's biggest electronics contract manufacturer, Taiwan's Foxconn (2317.TW), is building a giant artificial intelligence server factory in collaboration with Nvidia (NVDA.O) in Mexico. It plans to start production early in 2025 making a liquid-cooled server containing Nvidia's new and powerful Blackwell family of AI chips.
LENOVO
Chinese computer maker Lenovo (0992.HK) produces servers and other data centre products at a massive site in Monterrey, Mexico, which it expanded in 2021. It said at the time that all of its data centre products for the North American market are manufactured in Monterrey.
LG ELECTRONICS
South Korea's LG Electronics (066570.KS) makes TVs, home appliances and EV parts at its Mexican sites. It said in November that it was reviewing possibilities, including changes in trade policies.
SAMSUNG ELECTRONICS
South Korea's Samsung Electronics (005930.KS) makes TVs and home appliances in Mexico and exports them to the U.S.
FOOD AND DRINK
CAMPARI
Italian spirits group Campari (CPRI.MI) has three production sites in Mexico, the main one producing tequila under its Espolon brand, and one in Canada, producing Canadian whisky brand Forty Creek, according to its latest sustainability report.
According to Citi, Campari imports 27% of its U.S. sales from Mexico and Canada.
PACKAGED GOODS
PROCTER AND GAMBLE AND UNILEVER
Procter & Gamble (PG.N) and Unilever (ULVR.L) are among big packaged goods companies exposed to tariffs on imports from Mexico, data shows.
About 10% of P&G's shipments in the three months to end-September were from Mexico, according to import data provider ImportYeti. Around 2% of Unilever's sea imports into the United States come from Mexico, the data shows.
Both companies and other big consumer groups such as Pepsico (PEP.O) and Lay's chips, have collectively invested hundreds of millions of dollars in their Mexican supply chains.
