However, Goldman warned that auto sales could decelerate in the second half of the year.

Goldman Sachs has revised its U.S. auto sales outlook upward, citing a less pronounced impact from tariffs than previously expected.

The research firm updated its 2025 U.S. auto sales projection to 15.75 million vehicles from 15.40 million and revised its 2026 forecast to 15.50 million from 15.25 million, according to its report released on Thursday. 

The adjustment reflects expectations of more measured tariff implementation compared to earlier assumptions.

However, Goldman Sachs warned that auto sales could decelerate in the second half of the year as consumers may have already made purchases in expectation of tariff-driven price hikes.

As part of the update, Goldman adjusted its view on several automakers:

Ford received a small bump, with its price target raised to $11 from $10, although Goldman maintained a ‘Neutral’ rating. That’s still below Ford’s latest close at $11.91, suggesting the firm sees about a 7.6% downside from here.

General Motors came out ahead, with Goldman upping its target to $70 from $60 while maintaining a ‘Buy’ rating. At GM’s last close of $53.15, the new target implies a solid 31.7% upside—the most optimistic call in the group.

Tesla, however, saw its price target trimmed to $285 from $315, with the firm sticking to its ‘Neutral’ rating. That’s about 8% below Tesla’s last close of $309.87, hinting Goldman sees limited room for gains after the recent rally.

Rivian also saw a modest downgrade. Goldman lowered its target to $13 from $14, keeping a ‘Neutral’ stance. Since the stock last closed at $13.32, the new target suggests a 2.4% downside.

On Stocktwits, retail sentiment was 'bearish' for both Ford and Tesla, with 'high' message volume. In contrast, sentiment was 'bullish' for General Motors and Rivian, with 'normal' message volume for GM and 'high' activity for Rivian.

Year-to-date, Ford shares are up 23.4%, while General Motors has gained 3.5%. Rivian is modestly higher with a 0.5% rise, whereas Tesla is down 18.3% for the year.

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