“With the level of uncertainty we are seeing and the number of changes happening on an ongoing basis in global tariffs and trade, it’s difficult to predict what policies may impact customers over the course of the year.”

One recent study found that tariffs on Canada, Mexico, and China would raise the cost to produce a crossover vehicle by about $4,000, while a U.S.-made EV would jump by about $12,000.

For motorcycles it sells in EU, company plans to move production abroad, projecting tariffs would add $100 million additional costs if production remained in U.S.

Offering of $1.5B will fund Model 3.