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Stocks down as automakers, Boeing lead China's hit list in trade spat

Shares in U.S. exporters of everything from planes to tractors fell on Wednesday after China retaliated against the Trump administration's tariff plans by proposing duties on key U.S. imports including soybeans, beef and chemicals. U.S. automakers' products are prominent on China's list of tariff targets, yet shares of automakers ended higher on Wednesday as Wall Street stocks changed course in the afternoon when investors' trade fears subsided. Tesla shares closed 7.3 percent higher at $286.94, Ford shares gained 1.6 percent to close at $11.33, and GM shares were up 3 percent at $38.03. Aircraft maker Boeing closed down 1 percent, weighing the most on the Dow Jones Industrial Average as documents from China's Ministry of Commerce and the U.S. manufacturer showed the move would affect some older Boeing narrowbody models. It was not immediately clear how much the tariffs would impact its newer aircraft. Boeing said it was assessing the situation while analysts from JP Morgan said the proposals from China looked to have been calibrated carefully to avoid a major impact on the planemaker. Fellow Dow component 3M lost as much as 2.4 percent. And farming equipment maker Deere lost nearly $10 per share at its lowest. The company urged the two countries to work toward a resolution to "limit uncertainty for farmers and avoid meaningful disruptions to agricultural trade." The speed with which the trade spat between Washington and Beijing is ratcheting up — the Chinese government took less than 11 hours to respond with its own measures — led to a sharp selloff in global stock markets and commodities. China was hitting back against U.S. President Donald Trump's plans to impose tariffs on $50 billion in Chinese goods with similar tariffs on U.S. goods even as Trump said the country is "not in a trade war with China." "Everybody knew they were going to retaliate. The question was how strong of a retaliation. Today's move clearly shows that they mean business," said Adam Sarhan, chief executive of 50 Park Investments in New York. China levied 25 percent additional tariffs on U.S. goods, but unlike Washington's list that covers many obscure industrial items, Beijing's covers 106 key U.S. imports including soybeans, planes, cars, whiskey and chemicals. Trump denied that the tit-for-tat moves amounted to a trade war between the world's two economic superpowers.

Tesla's gains on the dealership status quo are freaking people out

Tesla took two more steps towards being allowed to sell its vehicles as it chooses (that is, direct to customers) this week. Legislative efforts in New Jersey and New York both gave the California automaker legal permission (or near permission) to operate its stores. It's gotten so bad – or good, depending on your views, that other automakers are starting to speak up. Yesterday, Tesla got official permission to keeps it five stores open in New York thanks to the signature of Governor Andrew Cuomo on a pro-Tesla bill that passed earlier this year. This is not a surprise. The bill also makes it difficult for any other automaker to operate its own stores in the state. Other automakers are now saying that the dealers have too much power. In nearby New Jersey, the state Assembly voted yesterday to allow EVs to be sold directly to the consumer. This vote follow an Assembly committee's vote earlier this month and the bill now moves to the New Jersey Senate and, if it passes, would need to be signed by Governor Chris Christie before becoming law. You may remember there's a bit of bad blood there. This is all quite a turnaround from mid-March, when the state legislature voted against direct sales. If passed, Tesla would be allowed to operate four stores in the state. As you can see, progress is being made. And that's changing the battlefield. The National Automobile Dealers Association (NADA) released a new package of pro-dealership information called "Get the Facts: The Benefits of Franchised Auto Dealers" to take the other side. NADA says that the "current franchised new-car dealer model has benefited consumers, manufacturers and local communities for nearly a century" and then lays out its reasons why. You can watch the NADA's short Get The Facts video below. Perhaps most interestingly, other automakers – through the Auto Alliance – are now saying out loud that the dealers have too much power. In a statement to Automotive News, the Alliance said, " When we look at the big picture, we may be at a tipping point. If dealer groups continue their push for more onerous franchise laws, we will be forced to keep an open mind about how best to serve new-car buyers in the future." That was enough to scare the chairman of the Automotive Trade Association Executives, who told AN that, the Alliance coming out against the franchise system was a "recipe for disaster." This content is hosted by a third party. To view it, please update your privacy preferences.

Tesla Model S driver goes from Mexico to Alaska, loves the experience

As range anxiety lessens, and more chargers are installed along major roadways, increasing numbers of people are taking road trips in their electric vehicles. The Tesla Model S in particular has become the go-to vehicle for electric touring. When equipped with the 85-kWh battery pack, the Model S offers up to 265 miles of range, which is a respectable distance to cover in one sitting. It's still notable, though, when a Model S driver makes a particularly long trek, especially when much of the route is mostly devoid of Tesla Superchargers. Guy Hall, the president of the Sacramento Electric Vehicle Association, drove his Tesla Model S from the US/Mexico border outside of Yuma, Arizona to Fairbanks, Alaska in 17 days. He calls the trip the T5 (Tesla Tijuana to Tundra Tour), and he encourages other people to make the journey, despite the challenge of driving through areas that are sparsely populated. Charging "slows you down to take a break. I've met some marvelously nice people here." – Guy Hall Driving through California, Oregon, and Washington isn't too difficult. North of Vancouver, British Columbia is where charging starts to get a little tricky. Hall says that when gas stations with electrical outlets were few and far between, he stopped at RV parks to charge (a trick of the Tesla tripping trade we've seen before). Hall made use of his charms, and would offer rides in his Model S to curious employees at mechanic and welding shops in return for the opportunity to more quickly charge his battery using their 240-volt outlets. While the trip took quite a bit longer than it would have in one of the Ford Tauruses Hall owned before switching to EVs, it allowed him to soak in the beauty of his surroundings, meet people along the way and answer questions about the Model S. Charging "slows you down to take a break," says Hall. "I've met some marvelously nice people here." Guy Hall now hopes to turn the T5 trip into a sort of event, where EV drivers who make the trip in the shortest amount of time could win a trophy. If you're interested in making a similar journey, Hall has posted his route from Sacramento northward, here. Read more about Hall's journey at News Miner, or read his thread at Tesla Motors Club.