The news: Ford joined fellow US Big Three automakers General Motors and Stellantis in pulling its 2025 guidance, citing tariff uncertainty and possible industrywide supply chain disruptions.

A heavy weight: Without mitigating actions, tariffs would cost Ford $2.5 billion this year, the company said—which, while lower than the $4 billion to $5 billion impact GM expects, is still a large burden.

• Ford has identified opportunities to offset $1 billion of those costs, in part through measures such as transporting imported vehicles and parts on bonded carriers, as well as a detailed analysis of areas where it could take share or raise prices.
• The figure is notable considering that Ford is less exposed to tariffs than its competitors, given its sizable US manufacturing base—revealing just how hard-hit other automakers, with their globalized supply chains, will be.

Silver linings: Despite the serious risks facing the auto industry—including the potential for widescale supply chain disruption due to the tariffs on auto parts—Ford is in a stronger position than its peers.

• The company manufactured over 300,000 more vehicles in the US last year than its closest competitor, and produces all of its full-size trucks domestically. That gives it more flexibility with pricing, as well as healthier inventory levels.
• It is gaining share thanks to promotions like its “employee pricing” campaign, which resonated with consumers looking to buy cars before tariffs kick in.

Our take: For all its bullishness, Ford is still, to a certain extent, at the mercy of a highly volatile landscape. While shoppers are eager to buy autos now while pre-tariff inventory is available, demand is expected to fall in the second half of the year as price increases begin to creep in.

Go further: Read our report on the Impact of Tariffs on US Businesses.