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Trump reportedly says he wants to wipe German cars off the U.S. map

BERLIN/FRANKFURT — A report that U.S. President Donald Trump has threatened to pursue German carmakers until there are no Mercedes-Benz rolling down New York's Fifth Avenue dented shares in the luxury car manufacturers on Thursday. An excerpt from German magazine Wirtschaftswoche's article, which cited several unnamed European and U.S. diplomats but did not include any direct quotes, could not be independently verified, while a U.S. Embassy spokesman in Berlin referred questions to Washington. The news and current affairs magazine said Trump had told French President Emmanuel Macron in April that he aimed to push German carmakers out of the United States altogether. Macron's administration in Paris declined to comment on the report. The Trump administration last week opened a so-called Section 232 trade investigation into vehicle imports, which could result in a 25 percent tariff on cars on the same "national security" grounds Washington used to impose metals duties in March. This could destroy exports by German carmakers, which control 90 percent of the U.S. premium market and are the biggest European Union exporters of cars to the United States. BMW owns Rolls-Royce, while Daimler has Mercedes-Benz, and Volkswagen controls Bentley, Bugatti, Porsche and Audi. Daimler, BMW and Audi declined comment. Porsche was not immediately available for comment. BMW shares were trading 0.5 percent lower at 0939 GMT, while Daimler and VW's shares were down 1 percent and 1.6 percent respectively, underperforming Germany's blue-chip DAX. Trump has railed against German carmakers before. And in early 2017, in an interview with German newspaper Bild, he said he would impose 35 percent tariffs on imported cars. At the time, the president called Germany a great car producer but said that the business relationship with the United States was an unfair one-way street. Germany's auto industry association VDA says its members exported 657,000 vehicles to North America last year, with total exports of vehicle components, cars, engines, as well as second-hand vehicles totaling 31.2 billion euros in 2016. Imports from the United States to Germany amounted to 7.4 billion euros, meaning a trade deficit of 23.8 billion euros the VDA's latest available figures show. However, German brands also have huge factories in the United States, where they built 804,000 cars last year, VDA said, providing jobs for U.S. workers. Berlin has reacted angrily to the U.S.

Porsche again staring down another $1.8B in hedge fund lawsuits

The sequence of events from 2007 that began with Porsche's secret attempt to take over Volkswagen, and instead lead to Porsche being taken over by VW, continues to instigate lawsuits against the Stuttgart sports car manufacturer. A group of hedge funds that suffered over $1 billion in losses sued the car company in New York. Porsche had publicly stated it wasn't trying to buy VW, the hedge funds in question were shorting VW stock, and when Porsche's actual intentions were revealed, the stock shot up and the hedge funds took a beating.
The case was thrown out over the issue of jurisdiction, then appealed, only to see another suit filed on top of that. After that, most of the hedge funds withdrew their claims in New York and Porsche offered a 90-day window to refile in Germany where it is already fighting a number of other suits over the same issue. The hedge funds accepted the offer, refiling in Stuttgart for $1.8 billion in damages. According to Bloomberg, Porsche hasn't commented on the refiling, but as the same plaintiffs are involved, it's safe to assume that the carmaker still feels the case is "unsubstantiated and without merit." It has fared alright so far even in German courts, with two lesser cases against it thrown out last year.

Five cursed and haunted cars

Any kid lucky enough to grow up in Detroit is familiar with the Henry Ford Museum. It's huge, full of shiny things and a great place to take a child and let them burn off some energy. After several field trips and weekend outings however, the dusty concept vehicles and famous aircraft tend to lose their punch for youngsters. As a fifth grader, I was already gazing on the museum's many gems with glassy eyes. On yet another school trip, we made our way to John F. Kennedy's death car, a gleaming black Lincoln limo. The aging volunteer docent told our little group something I had never heard before. "You know, this car is haunted. Several employees have reported seeing a gray presence right here," he said, pointing to the back passenger side seat. I perked up. Now here was something I had never heard before. A haunted car? Sure, it happened in Goosebumps, but this was real life. It made sense, in a way. Cars can be violent, emotional places. That's certainly the case with JFK's limo, as well as the other four cars on this list. And maybe those gut-wrenching deaths can permanently doom a car. 5. Archduke Franz Ferdinand's Graf & Stift Death Limo World War I tends to be a forgotten war, despite being pretty terrible in its own right and setting the stage for the entire 20th Century. The French forces, for instance, lost more lives in the first month of WWI than the US did in the entire Civil War. Everyone who has been through a freshman world history course knows the conflict started when Archduke Franz Ferdinand and his wife were shot by a Bosnian anarchist. The crazy thing is, Ferdinand had already avoided an attempt on his life that day, and was actually on his way to the hospital to comfort those who had been injured in the crossfire. One of the would-be assassins simply walked out of a cafe and saw his intended target sitting in front of him where the open-air limo had stalled. The archduke and his wife were shot through their heads and throats. Their deaths would not be the last caused by the limo. Throughout the war and into the 1920s, the limo was owned by fifteen different people and involved in six accidents and thirteen deaths, not counting the 17 million or so killed in the war triggered by the Archduke's assassination. The first person to own the car after the Archduke was an Austrian general named Potiorek, who went insane while riding in the car through Vienna.