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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.

Volkswagen posts quarterly profit despite drop in sales

Volkswagen returned to profit in the third quarter as surging Chinese demand for luxury cars helped offset a 1.1% drop in vehicle deliveries due to the pandemic, sending its shares as much as 3% higher on Thursday. The German automaker's return to the black comes amid spiking coronavirus cases in Europe that led governments in France and Germany to order their countries back into strict national lockdowns on Wednesday. "The coronavirus remains a central problem," Volkswagen Chief Financial Officer Frank Witter said in a conference call with reporters. "This situation now is anything but relaxed." But Witter said the group expected the economic recovery to continue and did "not anticipate any nationwide lockdowns in larger markets." Witter said the takeover of U.S. truck maker Navistar International by Volkswagen's trucking unit Traton was an important acquisition, but the "current economic climate will not make this easy." Volkswagen reiterated it expects to post a profit for the full year, saying its business "recovered noticeably" in the third quarter as sales in China of premium vehicles, including Audi and Porsche sports cars, rose 3%. The quarterly performance was also aided by a series of cost-cutting measures launched earlier this year. Volkswagen said its net liquidity rose to 24.8 billion euros from 18.7 billion at the end of the second quarter. Excluding one-time items, third-quarter operating profit was 3.2 billion euros ($3.8 billion), down from 4.8 billion euros a year earlier, but up from a second quarter loss of 1.7 billion. In a note to clients, Jefferies analyst Philippe Houchois described the results as a "solid performance with strong cash, but relatively muted in the context of the (auto) sector recovery." Last week, German rival Daimler reported a record 24% jump in Chinese demand for its Mercedes-Benz cars, boosting its margins in the third quarter. Italian-American Fiat Chrysler Automobiles and Peugeot manufacturer PSA Group both also posted solid results this week. Witter said Volkswagen could not say for sure whether it would meet EU CO2 emissions targets this year, adding "it will be a tough race." At 1030 GMT, Volkswagen shares were up 2.9% at 129.20 euros. Related Video: Earnings/Financials Audi Bentley Bugatti Lamborghini Porsche Volkswagen

You will spend hours playing with this Lego Porsche 911 GT3 RS

Owning an actual Porsche 911 GT3 RS is out of the price range for many enthusiasts, but a new Lego kit lets you park a massive example of Porsche's road-going racecar on your desk. At $299.99, it's not cheap, but this looks to be among the coolest Lego models ever. The Lego 911 GT3 RS comes in a giant box and includes a huge instruction manual. In addition to showing you how to build the car, it also has details about the real one. You definitely need ample free time to finish this kit, though. The 2,704 pieces let you build a working replica of the PDK gearbox, including reverse, and the finished model measures about 22 inches long and nearly 10 inches wide. According to Lego, the kit goes on sale online on June 1. To whet your appetite, check out the video above showing off the Porsche and its packaging. The clip below puts the model sports car next to the real thing. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 42056 Porsche 911 GT3 RS Ages 16+. 2,704 pieces. US $299.99 - CA $349.99 - DE 299.99ˆ - UK GBP249.99 - DK 2599.00 DKK *Euro pricing varies by country. Please visit shop.LEGO.com for regional pricing. Discover the iconic Porsche 911 GT3 RS! Experience the iconic Porsche 911 GT3 RS with this authentic LEGO® Technic replica. Inside the box you'll discover a special collector's book chronicling the history of LEGO Technic and Porsche GT cars, together with 4 original-design rims bearing the RS emblem. The sets of elements are boxed, and the building sequence gives an insight into the real-life vehicle's assembly process. The model features detailed, orange bodywork, red suspension springs, detailed headlights, taillights, brake calipers and rims with low-profile tires. The accessible cockpit features a detailed dashboard, working gearbox, steering wheel with gearshift paddles, racing seats and a glove compartment containing a unique serial number. Functions include opening doors and hood with storage compartment and suitcase, and an opening rear lid that houses a detailed flat 6 engine with moving pistons.