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General Motors is in unfinalized talks with Lockheed Martin to manufacture components for weapons systems, including missiles and interceptors, as the Pentagon seeks non-traditional suppliers to replenish depleted munitions stocks. The arrangement would expand GM's existing GM Defense subsidiary and leverage idle automotive factory capacity, though analysts note limited parts overlap between automotive and weapons supply chains. The discussions are part of a broader trend of automakers entering defense production, with Ford, Volkswagen, and Mercedes-Benz also in similar conversations.

Trump announced via Truth Social that he has given the EU a deadline of July 4 (the U.S. 250th birthday) to fulfill the Turnberry trade agreement, threatening an immediate jump to significantly higher tariffs if the deadline is missed. This follows Trump's May 1 announcement raising EU auto tariffs to 25% under Section 232, which the EU disputed. The EU has maintained it is in compliance with the existing agreement, and the situation remains unresolved.

Tim Lamb Group brokered the sale of Friendship Ford of Lenoir, a 25,258 sq-ft Ford dealership in Lenoir, North Carolina, from Friendship Automotive to CarHeroes, led by President Matthew Nunlist. The dealership has been rebranded as CarHeroes Ford. No financial terms were disclosed.

President Trump announced via Truth Social that tariffs on European cars and trucks entering the US will increase to 25% next week, citing insufficient progress on a trade deal. US stocks dipped modestly on the news but remained in positive territory, while the US dollar moved slightly higher. The announcement comes in the context of a Supreme Court ruling that prior tariffs were unconstitutional, with an estimated $160 billion repayment liability.