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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.

Hamilton wins at Monza, takes Formula One lead from Vettel

MONZA, Italy (Reuters) - Lewis Hamilton won the Italian Grand Prix for Mercedes on Sunday with an utterly dominant drive that sent the Briton clear at the top of the Formula One world championship for the first time in a year. The triple champion, who started the last race of the European season from a record 69th career pole position, led Finnish team mate Valtteri Bottas to a runaway one-two finish at Ferrari's home track. "I love it here in Italy and I love the passion of the fans," Hamilton declared on the podium jutting out over a sea of red-shirted Ferrari fans, with plenty of boos coming his way amid the cheers. "We did a great job, the team did an exceptional job this weekend," he added. "Mercedes power is definitely better than Ferrari power." Ferrari's Sebastian Vettel, who had led the standings since he won the Australian season-opener in March, finished third in the final race of the European season and 36.3 seconds behind the winner. Bottas was 4.4 adrift of Hamilton. "It was a difficult day, a difficult start," said Vettel. "My race was fairly isolated, we tried to keep as close as possible but we simply didn't have the pace... You could say it's a bad day but I know the team is on the right way... so I am in a very positive mood despite the numbers." Hamilton is now three points clear of the German, with seven races remaining. Mercedes are 62 points clear of Ferrari in the constructors' standings. The first driver to win two races in a row this season, with Monza following on from Belgium a week ago, Hamilton now leads Vettel 6-4 on victories in 2017. He has 238 points to Vettel's 235. The last time Hamilton led the standings on his own was at Monza a year ago, with now-retired team mate Nico Rosberg emerging as the eventual champion. FEW THRILLS Hamilton and four-times champion Vettel were level on points this year after China in April, with one win and one second place each. If Sunday's race was a dull affair, there was at least plenty of sunshine in marked contrast to the steady rain that drenched fans and delayed qualifying for hours on Saturday. Hamilton pulled away cleanly from his historic pole, and fourth in a row at Monza, and was never challenged as he drove to the chequered flag with the minimum of fuss. It was his third Italian Grand Prix win in four years and 59th career victory – only Michael Schumacher, whose pole record he beat, can boast more – and few have been more straightforward.

Daimler rebuffs Geely offer to buy stake

HONG KONG/BEIJING - Daimler AG has turned down an offer from China's Geely to take a stake of up to 5 percent via a discounted share placement, as the German automaker has long been reluctant to see existing shareholdings diluted, sources with knowledge of the talks said. A stake of that size would be worth $4.5 billion at current market prices. Although Daimler declined the offer, it told Geely it was welcome to buy shares in the open market, the sources added. Carmakers in China have embarked on a flurry of dealmaking, as they scramble to boost production of electric and plug-in hybrid vehicles ahead of tough new quotas to be imposed by Beijing, which wants to reduce urban smog and lower the country's reliance on oil. People with knowledge of Geely's thinking said the company was keen to access Daimler's electric car battery technology and wanted to establish an electric car joint venture in Wuhan, the capital of Hubei province. Geely, which also owns Swedish car maker Volvo, is still hopeful it can secure a deal in some form over the coming weeks, they added. The two automakers met in Beijing in recent weeks at Geely's behest. There, the Chinese firm, formally known as Zhejiang Geely Holding Group, offered to take a stake of between 3 percent and 5 percent if Daimler would issue new shares at a discount, the sources said. It was not immediately clear what kind of discount for the shares Geely had in mind or whether Geely was interested in buying the shares on the open market. A spokesman for Geely declined to comment. A spokesman for Daimler said the company was "very happy with our shareholder structure at present", but added that it would welcome new investors with a long-term interest in the company. Shares in Daimler were up 1 percent in early Wednesday trade, in line with the broader market.DAIMLER ALREADY TIED TO BAIC, BYD Geely, which has a market value of some $32 billion, is the leading domestic brand in China with a 5 percent market share, according to an analysis by Nomura Securities. A stake of 5 percent would establish it as Daimler's third-largest shareholder behind the Kuwait Investment Authority and BlackRock, who hold 6.8 percent and 6 percent respectively, according to Reuters data.