Tariffs, or even the whiff of them, could severely hike their prices for American buyers—and ding carmaker profits.

Volvo Cars may move production of some of its models to the U.S. depending on tariffs, but aims to stick to a plan to export its European-made EX30 SUV model to the United States later this year, the company's CEO said on Wednesday.

Volvo is considering shifting some production to the US due to potential tariff hikes. CEO Jim Rowen says the move depends on the impact of higher EU car tariffs. Currently, the EX90 is made in the US,