John Elkann, the chairman of Stellantis, expressed worries on Thursday about how the 25% U.S. tariffs on the carmaking industry would affect the cost of vehicles and consumer demand. During a conference call with analysts, Elkann reiterated concerns raised by a trade group representing Stellantis, GM, and Ford about the ongoing discussions with the Trump administration to maintain the competitiveness of the North American automotive sector. He highlighted the potential impact on the affordability of American-made products and the uncertainty's ramifications on demand in the U.S. Following the tariff announcement by President Trump, Stellantis' shares on the Milan stock exchange dropped to their lowest point since the merger of Fiat-Chrysler and Peugeot to form the automaker in early 2021. Elkann made these remarks during a conference call for Exor, the investment company owned by the Agnelli family of Italy, of which he is a member and chief executive. Ferrari, of which Elkann is also the chairman, announced price increases for some of its vehicles in response to the tariff implementation.