This story originally appeared on NPR .

President Trump’s newly announced 25% import tariffs on foreign cars will increase vehicle prices by thousands of dollars for cars coming from Germany, Japan, and South Korea, as well as for the U.S.-assembled autos that use foreign-made parts, according to most auto industry experts.

However, one company likely to fare better than others is Tesla, the electric vehicle manufacturer led by close Trump administration adviser Elon Musk, industry analysts say.

Trump’s latest move, set to take effect on April 2, is part of a broader global trade war launched as one of the opening acts of his second term. When announcing the new tariffs on Wednesday, he said: “What we’re going to be doing is a 25% tariff on all cars that are not made in the United States. If they’re made in the United States, it is absolutely no tariff.”

By that standard, it would stand to reason that Tesla, which makes all the cars it sells in the U.S. in Texas and California, might be immune to effects of the tariffs. But Musk posted Wednesday on X that it wasn’t so.

“Important to note that Tesla is NOT unscathed here. The tariff impact on Tesla is still significant,” he wrote.

Even so, according to auto industry analyst Daniel Ives of Wedbush Securities, “Tesla is the one least impacted” among U.S. carmakers.

That’s welcome news for Tesla, whose vehicle sales have taken a hit in recent months amid consumer anger over Musk’s central role in helping the president slash and dismantle government agencies. That’s led to massive protests at Tesla dealerships, and even vandalism aimed directly at the company’s vehicles, chargers and storefronts — which U.S. Attorney General Pam Bondi has referred to as “domestic terrorism.”

Tesla’s first quarter sales in the U.S. are expected to be down 14.5% from the final three months of 2024, according to a report released this week by Cox Automotive, although it also shows that Tesla has been losing market share against EV competitors since 2020.

Sales of Teslas have dropped even more sharply across Europe, falling in February a whopping 76% in Germany, more than 50% in France, Italy and Portugal and nearly as much in Norway and Denmark, according to data from the European Automobile Manufacturers Association. This dip occurred even as overall EV sales across the region increased by nearly a third.

Tesla’s share price has also experienced a precipitous drop, losing about 45% between its December peak and the market close on Thursday.