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U.S. tariff threat hits European automakers' stocks

FRANKFURT, Germany — A U.S. warning that it may introduce tariffs on foreign auto imports hit shares in German carmakers BMW, Daimler and Volkswagen on Thursday, which together have a more than 90 percent share of North America's premium car market. Washington said on Wednesday it had launched an investigation into whether car and truck imports are a national security issue due to signs they had damaged the U.S. auto industry. That could lead to new U.S. tariffs — up to 25 percent — similar to those imposed on imported steel and aluminum in March. BMW and Daimler shares fell as much as 3.1 percent in early Thursday trading, while Volkswagen's dropped as much as 2.5 percent. "(U.S. President) Donald Trump is obviously not thinking about how to prevent a trade war. Import duties on cars would be a nightmare for the German auto industry and would lead to a massive sales impact," said Thomas Altmann at Frankfurt-based asset manager QC Partners. BMW on Thursday condemned the move to consider tariffs. "The BMW Group is committed to free trade worldwide. Barrier-free access to markets is therefore a key factor not only for our business model, but also for growth welfare and employment throughout the global economy," it said. Daimler, which makes Mercedes-Benz cars, and Volkswagen, which makes upmarket Audis and Porsches, were not immediately available for comment. German carmakers produced 804,000 cars at local factories in the United States and exported 657,000 German-made cars into North America last year, according to German auto industry association VDA. China took pains on Thursday to welcome German firms and investments, with Premier Li Keqiang talking up relations after a meeting with German Chancellor Angela Merkel. BMW and Mercedes have expanded production capacity in the United States, but BMW, Audi, Volkswagen and Daimler have also invested billions to build new factories in Mexico in the hope of selling locally produced cars into the United States. German carmakers hiked vehicle production in Mexico by 46 percent to 620,000 cars last year, while production levels inside the United States fell by 6 percent to 804,000 cars because of a shift to Mexico, according to the VDA. BMW has its biggest factory worldwide in Spartanburg, South Carolina, and is the largest vehicle exporter among all the carmakers in the United States measured by value of goods exported. More than 70 percent of BMW's U.S.-made cars are exported.

VW admits 430,000 2016 models have implausible CO2 ratings

Volkswagen finally explained more details about its CO2 rating scandal in Europe and admitted that 430,046 of the estimated 800,000 affected vehicles with "implausible" figures came from the 2016 model year. They included some from Audi, Seat, Skoda, VW, and VW Commercial Vehicles, according to the automaker's list (as a PDF). The problem mostly impacts diesel engines, but the inventory also shows some gasoline mills. VW will next determine the accurate CO2 emissions for these vehicles, and the German Federal Vehicle and Transport Authority will supervise that process to ensure the data's veracity. The automaker will also launch websites in Europe to let owners enter their model's VIN to check whether it's affected. Because governments there often link vehicle taxes and CO2 production, the company promises to work with regulators in each country to cover any fees that result from the inaccurate figures. VW announced the CO2 scandal earlier in November and estimated the equivalent of $2.2 billion to fix it at the time. A later report claimed that a group of engineers were responsible for fabricating the emissions data. They allegedly couldn't meet reduction goals from Martin Winterkorn, and between 2013 and this spring the workers did things like overinflate the tires during testing to achieve the desired results. VW is also closer to a fix in the diesel emissions scandal. According to an anonymous insider to Bloomberg, the company has a repair for the 1.6-liter engine that's reportedly neither very complex nor expensive. German regulators would still need to approve the solution before it could roll out to owners. Next step in clarifying the CO2 issue Affected Volkswagen Group models of the current model year have been identified Customers being informed via website Discussions with the authorities have begun The Volkswagen Group reports that the vehicles of the 2016 model year affected by the CO2 issue have been identified. There is thus now clarity about the new vehicles of the current model year out in the marketplace. On 3 November 2015, the Group had already reported that irregularities may have arisen in determining the CO2 figures for type approval of around 800,000 vehicles. This was identified during its own currently ongoing investigations and had been made public. The internal investigations into the current vehicles of the 2016 model year provide results for narrowing down the actually affected vehicles with implausible CO2 figures.

The 2014 Rolex 24 at Daytona: What we learned, what we saw

Two days after the flag dropped on the 2014 Rolex 24 at Daytona, people are still trying to figure out what it might portend for the rest of the season. In 24 hours, two minutes and 24 seconds, 695 laps were completed by the car that crossed the line first. During that time, 67 cars began the race, 18 of them retired. There was that accident, and a red flag. There were supposedly slower classes beating supposedly faster classes. There were 16 caution periods, including that yellow flag. And then there was The Decision. And Then The Uproar. And then The Reversal.
There was also some pretty good racing, so let's have one last look at the weekend. Oh, and there was that 1964 Ferrari 250 GTO Series II...
If you want to skip the reading bits and go to the photos, there's a high-res gallery of 158 images above and a couple more below. Enjoy.