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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.

Gary Cooper's 1935 Duesenberg SSJ fetches record price at Pebble Beach

The 1935 Duesenberg SSJ formerly owned by Gary Cooper sold for a jaw-dropping $22 million over the weekend at the Gooding & Co. Pebble Beach auction, setting a record for the most valuable pre-war car ever sold at auction. It also appears to have become the most expensive American collector car ever sold at auction, eclipsing the very first Shelby Cobra ever made, which sold for $13.75 million in 2016. The Duesenberg was also the lone American-made entrant in the list of top 10 sellers, which was crowded with the names Ferrari and Porsche. You have to go all the way down the list to No. 21 to find the next American car: a 1930 Packard 734 Speedster Phaeton, which sold for a mere $1.127 million. All told, Gooding & Co. said it realized more than $116.5 million in auction sales over the weekend, with a whopping 25 cars sold for north of $1 million, an 84 percent sales rate and an average transaction price of $947,174. Clearly this is how the other half 1 percent lives. Gooding & Co. said there were five world-record sales at the auction. Joining the Duesenberg were a 1955 Ferrari 500 Mondial Series II, which sold for $5.005 million; a 1958 Ferrari 250 GT Tour de France Berlinetta, $6.6 million; a 1967 Ferrari 330 GTC Speciale, $3.41 million; and a one-of-two 1966 Ferrari Dino Berlinetta GT, $3.08 million. Oh, and that 1969 Ford Bronco test vehicle we told you about? The one that was rebadged by Holman & Moody as a Bronco Hunter? It sold for $121,000, which was well below the expected range of $180,000 to $220,000. Perhaps it was the presence of all those gorgeous Porsche Spyders and Ferraris that meant collectors weren't interested in boxy, utilitarian off-roaders. View 24 Photos Gooding and Co. had expected the convertible Duesenberg coupe to go for more than $10 million. It was one of only two of its kind built by Duesenberg — the other having gone to Clark Gable — with a specially shortened, 125-inch wheelbase and a supercharged straight-eight with double overhead cams, able to produce around 400 horsepower and a top speed of 140 miles per hour. It features a lightweight open-roadster bobtail body produced by LaGrande out of Connersville, Ind. The car was also owned at one point by race driver Briggs Cunningham.

Porsche digitally dissects its 918 Spyder for your viewing pleasure

At this point, you'd think we'd know all there is to know about the 2015 Porsche 918 Spyder - except what it's like to drive - but Porsche has released a new video giving us a more in-depth look at its new plug-in hypercar all the same. The animated video gives us numerous cutaway looks at the 918 Spyder while giving a visual demonstration of the car's four hybrid driving modes.
Though nowhere near as exciting as watching the 918 blast around the Nürburgring in record time, this new video is nonetheless both interesting and informative. Scroll down to watch the video yourself, and be sure to check out our live gallery of the production version of the car along with a stock gallery.