Following U.S. President Donald Trump's imposition of new tariffs of 25% on goods from Mexico and Canada and 10% on imports from China, which sparked concerns about potential levies on EU imports as well, shares of several of the largest European automakers fell on Monday.

Stellantis (NYSE:STLA), Daimler (OTC:MBGAF) Truck, BMW (ETR:BMWG), Porsche, Volvo (OTC:VLVLY), and Volkswagen (ETR:VOWG_p) Automobiles all had declines of roughly 5% to 6%. Valeo (EPA:VLOF), a French supplier of auto parts, fell 8%.

Other sectoral indices on the broader European STOXX 600 saw 1.5% declines, with the autos and parts index plummeting 4.1% to more than two-week lows.

Analysts at investment bank Stifel noted in a report, "We believe around 8 billion euros ($8.18 billion) of VW's revenues are impacted by tariffs and around 16 billion euros of Stellantis revenues,"

They calculated that the full effect of tariffs would be about 40% of Stellantis' and 12% of Volkswagen's EBIT in 2025.

Volkswagen stated on Sunday that it was depending on negotiations to prevent a trade war.

The tariffs are scheduled to go into effect on Tuesday at 12:01 a.m. ET (0501 GMT).

$1 is equivalent to 0.9778 euros.