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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.

Are you the Porsche Pajun?

The prospect of Porsche building a smaller version of the Panamera has been an on-again, off-again proposition as the German automaker seems to go back and forth on the project. Last we heard, Porsche had pushed back the so-called Pajun (shorthand for Panamera Junior) until 2019 at the earliest, but we could be looking at it right here.
The automaker's everything-but-automotive division Porsche Design is working on a luxury condo complex called (simply enough) Porsche Design Tower. It's been three years in the making and will take at least another year or two to complete, but the gist of it is that the 57-floor building will include 132 apartments, each with its own en-suite garage in which the residents' cars will be parked thanks to giant elevators.
Porsche Design released a series of renderings showing what the property will look like once complete. Most of the renderings feature Porsches, of course - production models you can find in any of the brand's showrooms, like the one just 23 miles away in Coral Gables. But one of the renderings of the giant glass elevators shows something rather unusual.

Ken Block's Gymkhana 8 to feature Dubai Police cars?

Yesterday we showed you the shiny Ford Fiesta that Ken Block will slide, spin, and hoon through the next Gymkhana video. In case the image above isn't clear, that video will drop at midnight EST on February 30th on the Ford Performance YouTube channel. We don't know all the entire premise of the video yet, but this Tweet from the man himself reveals that the video will be set in Dubai. Block is standing on the Fiesta we saw yesterday, and arrayed behind him are a handful of those famous Dubai Police cars you're probably familiar with. The force has a fleet of sportscars and supercars, and the purpose is outreach and goodwill among its citizenry, not necessarily the pursuit of criminals. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. From left to right, we can see a Maserati GranTurismo, Porsche 911, what looks to be a Nissan GT-R obscured by Block's Fiesta, a McLaren (likely a 650S), Ford Mustang, and a Ferrari 599 of some ilk. Will they take part? Maybe Block will try and run from what might be the most horsepower-intensive police fleet in the world. We'll have answers (and a few minutes of pure Block hooniganism) in a few days. Related Video: