Reuters / whmi.com

Ford Motor Company has hiked prices on three of its Mexico-produced models effective May 2, becoming one of the first major automakers to adjust sticker prices following U.S. President Donald Trump's tariffs.

Prices on the Mustang Mach-E electric SUV, Maverick pickup and Bronco Sport will increase by as much as $2,000 on some models, according to a notice sent to dealers, which was reviewed by Reuters.

Ford earlier this week said Trump's trade war would add about $2.5 billion in costs for 2025, but it expects to reduce that exposure by around $1 billion. Rival General Motors, said last week that tariffs were projected to cost it between $4 billion and $5 billion following the imposition of hefty levies on foreign imports of automobiles, but it expected to offset that by at least 30%.

A Ford spokesperson said the price hikes will affect vehicles built after May 2, which would arrive at dealer lots in late June. The spokesperson said the price hikes reflect "usual" mid-year pricing actions, "combined with some tariffs we are facing. We have not passed on the full cost of tariffs to our customers."

Analysts have said U.S. auto sales could drop by more than 1 million vehicles a year if tariffs were to remain in place.

Photo by Reuters.