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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.

2021 Mercedes-Maybach S 580 revealed as the biggest, most luxurious S-Class

The Mercedes-Maybach GLS-Class made a splash recently as the company's ultra-luxury crossover. But if you're a well-heeled individual looking for the true peak of Mercedes luxury, there's no replacement for the 2021 Mercedes-Maybach S 580, the biggest, fanciest sedan the company can produce. You'll be able to identify the land yacht thanks to a number of styling tweaks. The grille gets slender vertical chrome bars, and the lower intakes feature a chrome mesh. Topping the grille is a Mercedes hood ornament. The hood is restyled, too, with a center ridge running front to back with a line of chrome trim. Besides these styling tweaks, the Mercedes-Maybach has had its wheelbase stretched a full seven inches, with the space going to rear passenger room. The stretch also included rear quarter windows. Just behind those windows are illuminated Mercedes-Maybach badges. The car can also be optioned with an array of exclusive wheels and two-tone paint. The two-tone paint jobs can take up to a week to complete. Of course, the interior is what really sets the Mercedes-Maybach apart from the "average" S-Class. All examples come standard with Mercedes Designo leather upholstery, and even the headliner is finished in leather. Like other S-Class models, there is an air freshener function, and Mercedes has saved a special scent specific to the Maybach. The front seat backs are covered in wood trim to enhance the design. Rear occupants get individual 11.6-inch screens for entertainment, as well as a removable tablet for controlling various car functions. Passengers get to enjoy a 1,750-watt, 30-speaker Burmester sound system, which won't be interrupted by outside noises thanks to additional sound deadening materials around the rear arches, thicker laminated quarter windows and active noise cancelling. Foam-filled tires and laminated glass around the rest of the car are options. Speaking of options, there aren't many, but they're also quite lavish. The one we expect to be quite popular is the executive rear seating. It replaces the rear bench with two reclining chairs complete with power leg rests. These leg rests even feature massage functions, a first for the S-Class. The seats come with climate adjustments and several massage settings. The option also adds seatbelt airbags and frontal airbags for the rear passengers. Other interior options include a refrigerator, champagne flutes and electrically assisted rear doors for easier entry and exit.

Child cobalt miners: Automakers pledge ethical minerals sourcing for EVs

BERLIN - Leading carmakers including Volkswagen and Toyota pledged on Wednesday to uphold ethical and socially responsible standards in their purchases of minerals for an expected boom in electric vehicle production. Demand for minerals such as cobalt, graphite and lithium is forecast to soar in the coming years as governments crack down on vehicle pollution and carmakers step up their investments in electric models. To cover its plans for more than 80 new models by 2025, Volkswagen alone is looking for partners in China, Europe and North America to provide battery cells and related technology worth more than 50 billion euros ($59 billion). Talks with major cobalt producers, including Glencore, at VW's Wolfsburg headquarters last week ended without a deal. More than half of the world's cobalt comes from the Democratic Republic of Congo, a country racked by political instability and legal opacity, and where child labor is used in mines. On Wednesday, a group of 10 leading passenger-car and truck manufacturers announced an initiative to jointly identify and address ethical, environmental, human and labor rights issues in raw materials sourcing. The partnership dubbed "Drive Sustainability" consists of VW, Toyota Motor Europe, Ford, Daimler, BMW, Honda, Jaguar Land Rover, Volvo Cars and truckmakers Scania and Volvo. The alliance "will assess the risks posed by the top raw materials (such as mica, cobalt, rubber and leather) in the automotive sector," said Stefan Crets of the CSR Europe business network. "This will allow Drive Sustainability to identify the most impactful activities to pursue" to address issues within the supply chain.Reporting by Andreas Cremer.Related Video: Image Credit: Michael Robinson Chavez/The Washington Post via Getty Images Green BMW Ford Honda Jaguar Land Rover Mercedes-Benz Automakers Toyota Volkswagen Volvo Green Automakers Green Culture Electric Scania ethics mining