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Mercedes CLA a sub-$30k car no more

To be honest, the sub-$30,000 Mercedes-Benz CLA was more a theoretical than a real thing. Squeaking in at $100 below that magical threshold, not counting a $925 destination charge, snagging a CLA anywhere near $30k meant exercising extreme self-control with the options catalog. Perhaps with that thinking in mind, Mercedes is set to effectively scrap the entire idea, with Cars Direct claiming the price on a new CLA is set to increase by about five percent, to $31,500. Adding 4Matic all-wheel drive brings the starting price to $33,500. Even the hot CLA45 AMG is getting a price bump, from $47,450 to $48,500. Frankly, it's impossible to miss where Mercedes is coming from with this move, if it actually happens. The CLA has been one of 2014's unmitigated success stories, selling so well that Mercedes has struggled to keep up with demand. Considering that, a modest price hike is to be expected.

Mercedes S-Class Cabrio caught nearly naked

The new Mercedes-Benz S-Class is a handsome car, and its new two-door variant is positively dashing. Considering that, did you really think Mercedes would shake things up when it finally came time to drop the top on its flagship luxury model? Nope, neither did we. This is the S-Class Cabriolet, and from the beltline down, it's basically the same fixed-roof car we tested back in October – same grille, same headlights, same twin character lines in the profile. This is not a bad thing. We're betting it'll wear very similar taillights to the S-Class Coupe, although it's difficult to tell on the more heavily camo'd example of the luxurious droptop. Differences, meanwhile, are kept to the absolute minimum. The windshield looks more aggressively raked, and the inclusion of a canvas roof has softened the Coupe's svelte profile, but other than that, there aren't many changes at all. Expect the S-Class Sedan and Coupe's engine lineup to inform the powertrain strategy for the Cabriolet, meaning a base S550 with a 4.7-liter, twin-turbocharged V8. It's unclear if AMG variants will be offered, although we wouldn't bet against it. Our spies report that the S-Class Cabrio will saunter into dealers later this year, eager to steal the lunch money of the aging BMW 6 Series Convertible. We're betting on a European auto show debut, so keep an eye open at the upcoming Geneva Motor Show. If not there, Frankfurt seems like a likely destination for the new droptop.

The UK votes for Brexit and it will impact automakers

It's the first morning after the United Kingdom voted for what's become known as Brexit – that is, to leave the European Union and its tariff-free internal market. Now begins a two-year process in which the UK will have to negotiate with the rest of the EU trading bloc, which is its largest export market, about many things. One of them may be tariffs, and that could severely impact any automaker that builds cars in the UK. This doesn't just mean companies that you think of as British, like Mini and Jaguar. Both of those automakers are owned by foreign companies, incidentally. Mini and Rolls-Royce are owned by BMW, Jaguar and Land Rover by Tata Motors of India, and Bentley by the VW Group. Many other automakers produce cars in the UK for sale within that country and also export to the EU. Tariffs could damage the profits of each of these companies, and perhaps cause them to shift manufacturing out of the UK, significantly damaging the country's resurgent manufacturing industry. Autonews Europe dug up some interesting numbers on that last point. Nissan, the country's second-largest auto producer, builds 475k or so cars in the UK but the vast majority are sent abroad. Toyota built 190k cars last year in Britain, of which 75 percent went to the EU and just 10 percent were sold in the country. Investors are skittish at the news. The value of the pound sterling has plummeted by 8 percent as of this writing, at one point yesterday reaching levels not seen since 1985. Shares at Tata Motors, which counts Jaguar and Land Rover as bright jewels in its portfolio, were off by nearly 12 percent according to Autonews Europe. So what happens next? No one's terribly sure, although the feeling seems to be that the jilted EU will impost tariffs of up to 10 percent on UK exports. It's likely that the UK will reciprocate, and thus it'll be more expensive to buy a European-made car in the UK. Both situations will likely negatively affect the country, as both production of new cars and sales to UK consumers will both fall. Evercore Automotive Research figures the combined damage will be roughly $9b in lost profits to automakers, and an as-of-yet unquantified impact on auto production jobs. Perhaps the EU's leaders in Brussels will be in a better mood in two years, and the process won't devolve into a trade war. In the immediate wake of the Brexit vote, though, the mood is grim, the EU leadership is angry, and investors are spooked.