Luis Caputo brought order, but he couldn't prevent the increases: Ford froze prices and Toyota raised prices by just 1.5%.

Economy Minister Luis Caputo 's warning about possible unjustified price increases in the automotive sector began to have an effect . Ford decided to freeze prices for May, and Toyota implemented a minimal increase of 1.5% on average, well below inflation, thus marking a clear gesture of support for the government's economic direction.

On Wednesday night, the Treasury Secretary reacted to reports that Stellantis—the group that includes Fiat, Peugeot, Citroën, Jeep, and other brands—was planning a 3.5% increase in its prices for May. “If the trust that took so long to build is broken, we will use our tools to defend consumers,” Caputo wrote in X, in response to journalist Horacio Alonso .

The message had a strong impact on the sector and paralyzed the commercial decisions that were yet to be made. Stellantis, which had planned an event that same day, responded that it had not yet defined its prices and that it historically updates its lists between the 5th and 7th of each month. In parallel, other terminals quickly aligned themselves with the government's price containment policy.

Ford Argentina was the first to give a clear signal. At 7 p.m. on Wednesday, its president , Martín Galdeano, announced that the company would maintain April prices unchanged. "This is not the time to make hasty decisions. We are supporting the process of economic normalization and improved competitiveness," he explained.

Minutes later, Caputo celebrated the gesture with a brief and eloquent message: "Ford without any price increases for May," accompanied by three applause emojis. The industry interpreted it as direct support for those who align themselves with the official roadmap.

Toyota, for its part, broke with its tradition of announcing lists on the last business day of the month and delayed the announcement until Thursday. Finally, the Japanese manufacturer confirmed an average increase of 1.5%, with lower increases for entry-level models and higher increases for high-end vehicles.

The chart shows that, despite the inflationary context and the uncertainty arising from the new exchange rate band system, the main brands opted to remain cautious and avoid a confrontation with Javier Milei 's administration.

The Ministry of Economy interprets this as a sign that part of the industrial sector has yet to fully adapt to the new framework. The floating rate—currently between $1,000 and $1,400—eliminated the crawling peg, effectively disabling the 2% monthly benchmark that served as a tacit guideline for adjustments.

However, the government maintains that there is no reason for abrupt increases, as economic policy has managed to anchor expectations, stabilize the macroeconomic situation, and begin to normalize the fiscal front. In this regard, trade policy must adapt to the new scenario.

"With the currency controls, high inflation, and a bankrupt Central Bank (BCRA), terminal margins were a mystery. Now the economy is getting back on track, and anyone who wants to take advantage will find a government willing to intervene within the law," official officials said.

The rest of the terminals have not yet officially announced their lists for May. Concessionaires consulted expect decisions in the next 72 hours, while caution prevails. Many are betting on keeping prices unchanged or applying symbolic adjustments to avoid generating a new conflict with the government.

The message is clear: the Executive demands responsible pricing and will not allow abuses in a context of economic recovery. The strategy combines public pressure, discreet negotiations, and media exposure, as in the Volkswagen case a few weeks ago, when an increase was halted following a post by Caputo.