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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.

What do J.D. Power's quality ratings really measure?

Check these recently released J.D. Power Initial Quality Study (IQS) results. Do they raise any questions in your mind? Premium sports-car maker Porsche sits in first place for the third straight year, so are Porsches really the best-built cars in the U.S. market? Korean brands Kia and Hyundai are second and fourth, so are Korean vehicles suddenly better than their US, European, and Japanese competitors? Are workaday Chevrolets (seventh place) better than premium Buicks (11th), and Buicks better than luxury Cadillacs (21st), even though all are assembled in General Motors plants with the same processes and many shared parts? Are Japanese Acuras (26th) worse than German Volkswagens (24th)? And is "quality" really what it used to be (and what most perceive it to be), a measure of build excellence? Or has it evolved into much more a measure of likeability and ease of use? To properly analyze these widely watched results, we must first understand what IQS actually studies, and what the numerical scores really mean. First, as its name indicates, it's all about "initial" quality, measured by problems reported by new-vehicle owners in their first 90 days of ownership. If something breaks or falls off four months in, it doesn't count here. Second, the scores are problems per 100 vehicles, or PP100. So Power's 2015 IQS industry average of 112 PP100 translates to just 1.12 reported problems per vehicle. Third, no attempt is made to differentiate BIG problems from minor ones. Thus a transmission or engine failure counts the same as a squeaky glove box door, tricky phone pairing, inconsistent voice recognition, or anything else that annoys the owner. Traditionally, a high-quality vehicle is one that is well-bolted together. It doesn't leak, squeak, rattle, shed parts, show gaps between panels, or break down and leave you stranded. By this standard, there are very few poor-quality new vehicles in today's U.S. market. But what "quality" should not mean, is subjective likeability: ease of operation of the radio, climate controls, or seat adjusters, phone pairing, music downloading, sizes of touch pads on an infotainment screen, quickness of system response, or accuracy of voice-recognition. These are ergonomic "human factors" issues, not "quality" problems. Yet these kinds of pleasability issues are now dominating today's JDP "quality" ratings.

Conquest and controversy conclude the 2014 Rolex 24 at Daytona [spoilers]

If you don't wish to know who won the 2014 Rolex 24 at Daytona, you should avert your eyes right now. We'll even give you a double-space to skedaddle...
For those of you still with us, the first race in the United SportsCar Championship (USCC) is done, but the discussions about it certainly won't end for a while. Daytona Prototypes claimed the first four overall places, the top spot taken by the No. 5 Action Express Coyote-Chevrolet Corvette DP driven by Joao Barbosa, Christian Fittipaldi, Sebastien Bourdain and Burt Friselle. The 16th and final caution of the race bunched the field up for an eight-minute sprint to the flag, so the first place getter finished just 1.4 seconds ahead of the No. 10 Wayne Taylor Racing Dallara-Chevrolet Corvette DP driven by Max Angelelli. Third place went to Brian Friselle in the No. 9 Action Express Chevrolet Corvette DP, 20 seconds down. Chevrolet power hasn't taken the overall win since 2003, eleven years later it scores a one-two-three-four. The No. 6 Muscle Milk/Pickett Racing ORECA-Nissan 03 scored fifth place, the top LMP2 finisher.
The Prototype Challenge class win went to the No. 54 CORE Autosport team of Colin Braun, Jon Bennett, Mark Wilkins and James Gue.