A sale of Iveco would not include the company’s defense business, which is going through a sale process of its own.

The new restrictions on EV battery tech arrive as the EU has continued to press Chinese automakers to set up manufacturing in Europe.

The facility's 2,400 workers will remain in their current roles until the plant closes in 2028, with the company vowing to maintain communication with employees in the months to come.

The companies plan to start converting to LFP cell production by the end of 2025, and commence commercial production sometime in late 2027. 

Chief financial officer Eva Scherer said logistics companies have cut back on truck purchases amid a drop in shipments of tariff-hit goods such as steel and aluminum.

Mercedes’ global car sales fell 9% to 453,700 units from a year earlier, the German company said on July 7.

The company remains interested in expanding in the Americas but has no timeline to make a new investment, BYD executive vice president Stella Li said.

The analysis is among the first to measure the direct costs created by the import taxes on employers with $10 million to $1 billion in annual revenue.

Some U.S. officials wanted to calibrate tariffs for Vietnam to ensure they’re sufficiently lower than what’s imposed on China, to encourage production to leave that country.

While modest, the year-on-year increase may signal a turning point for the electric vehicle pioneer in China, where it’s navigating a relentless price war.