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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.

Audi bringing new TT Roadster to Paris

The TT may be first and foremost a coupe, but in presenting the third-generation model, Audi has toyed with all sorts of body-styles. There's been the prototypical coupe, of course, but also shooting brake and crossover concepts. The one thing it hasn't shown us is the convertible model, but that ends today as Audi takes the wraps off the new TT Roadster and TTS Roadster.
Set to be unveiled at the Paris Motor Show next month, the new TT Roadster naturally follows its fixed-roof counterpart's lead closely, but with the addition of a folding fabric roof mechanism. Made of magnesium, aluminum, steel and plastic, the mechanism weighs 6.6 pounds less than its predecessor's, helping keep the center of gravity lower. It also folds flatter to allow for more luggage space, and can deploy or retract in ten seconds at speeds up to 31 miles per hour. With the roof up it's also quieter, and with a drag coefficient of 0.30, Audi claims it's the slipperiest in the segment.
Of course, Audi's also worked to keep the weight down and rigidity up. As a result, the 0-62 sprint only takes an extra 0.2 seconds, quoted in the TTS Roadster at 4.9 seconds instead of 4.7 in the TTS coupe. Top speed remains pegged at 155 miles per hour. That, of course, is with the top-spec, 310-horsepower 2.0-liter turbo four, but Audi will also offer the less potent 184-hp version as well as a 2.0-liter TDI, mated to either a six-speed manual or six-speed DCT, though specific performance figures for each version were not disclosed in the press release below.

Germany says nein to EU ban on new fossil-fuel cars from 2035

BERLIN (Reuters) - Germany's government will not agree to European Union plans to effectively ban the sale of new cars with combustion engines from 2035, Finance Minister Christian Lindner said on Tuesday. In its bid to cut planet-warming emissions by 55% by 2030 from 1990 levels, the European Commission has proposed a 100% reduction in CO2 emissions from new cars by 2035. That means it would be impossible to sell combustion engine cars from then. European Parliament lawmakers backed the proposals this month, before negotiations with EU countries on the final law take place. Speaking at an event hosted by Germany's BDI industry association, Lindner said there would continue to be niches for combustion engines so a ban was wrong and said the government would not agree to this European legislation. Lindner, a member of the pro-business Free Democrats, which shares power with the Social Democrats and Greens, said Germany would still be a leading market for electric vehicles. (Reporting by Christian Kraemer; Writing by Madeline Chambers; Editing by Miranda Murray and Edmund Blair) Green Government/Legal Green Audi BMW Mercedes-Benz Volkswagen Opel SEAT Skoda