07:43 AM EDT, 03/27/2025 (MT Newswires) -- Tesla (TSLA) will be the automaker least impacted by US President Donald Trump's 25% tariffs on car imports while General Motors ( GM ) and German carmakers will be the most negatively impacted, RBC Capital Markets said in a note to investors Wednesday.

While Ford (F) and Stellantis ( STLA ) may also be negatively impacted, "Tesla could benefit meanwhile, given domestic production and competition from imports into the US," the note said.

The note said that the tariff language suggests that it would exempt "a good portion of the supplier complex" and that further negotiations could also exempt US original part manufacturers from Mexico and Canada tariffs.

The note also said that Ferrari (RACE) should be able to weather tariffs by sharing the burden with their high-end customers and dealers.