(Alliance News) - The revision of the trade agreement between the US, Canada, and Mexico could open a new front of uncertainty for the North American automotive industry, with Stellantis identified as one of the manufacturers most exposed to a potential tightening of the rules, MF-Milano Finanza reported on Tuesday.

According to reports from Reuters and the Wall Street Journal, the administration of US President Donald Trump intends to introduce new requirements to qualify for the tariff exemptions provided under the USMCA.

The proposal would require at least 50% of a vehicle's value to be produced in the US, while 40% of strategic components, such as engines, transmissions, and batteries, would have to originate from high-income areas. For pickup trucks, this share would rise to 45%.

UBS analysts highlight that Stellantis could be particularly vulnerable to these changes, as several key models, including certain Ram pickups and the Jeep Cherokee, are assembled in Mexico.

A potential increase in American content requirements could therefore force the group led by Antonio Filosa to reorganize part of its production or absorb additional costs to avoid the impact of tariffs on the US market.

The situation appears less critical for other manufacturers. According to UBS, 82% of Ford's production destined for North America is already localized in the US, while for General Motors the share reaches 64%. Furthermore, all Ford F-150 pickups are assembled on US soil. Tesla is also considered relatively well-positioned in the event of changes to trade rules.

Analysts nevertheless believe it is possible that the demands put forward by Washington represent an initial negotiating position and that the final text of the agreement may prove less severe.

Meanwhile, Stellantis continues the implementation of its FaSTLAne 2030 plan. The group announced an investment exceeding EUR1 billion in Germany for the production of the Opel Astra on the STLA One platform, following last week's announcement of a similar investment in France.

By Antonio Di Giorgio, Alliance News reporter

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