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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.

Viral video helps catch unlicensed teen hit-and-run driver

A video of a driver mangling a Porsche SUV was uploaded for a laugh on YouTube last week, but police recognized the vehicle and suspected it was used in an early crime. The video titled How to park your Porsche in Vancouver recently surfaced on YouTube and was meant to be a source of entertainment. However, it appeared that there is damage on the passenger side of the vehicle, opposite the side being scraped away on the garage wall. A few days after its initial posting, the video came to the attention of the Vancouver Police Department who used it as evidence to find a hit-and-run driver. Constable Brian Montague of the VPD said that the vehicle shown in the video hit a parked, unoccupied car on June 16. Using the video, VPD officers tracked down the Porsche driver, who turned out to be a sixteen-year-old kid with no license. Montague stated that if the young driver had stayed at the scene of the crash, they very likely would have gotten off with a fine for driving without a license. Unfortunately, because they fled the scene, the driver is facing multiple, costly charges including hit-and-run and driving without a license. The driver will also be responsible to damage caused to the parked car and to the house they damaged while trying to hide the Porsche. Related Video: News Source: Global News Auto News Weird Car News Porsche Driving Safety viral video bad driver parking fail

What's the deal with all these Porsches Seinfeld is selling?

In case you haven't been able to tell from watching Comedians In Cars Getting Coffee, Jerry Seinfeld is as fanatical about automobiles as he is about comedy. The man has one of the most enviable Porsche collections in the world. But now he's preparing to auction off a significant share of them, and Gooding & Company, the auction house handling the sale, has just released the full list. We got our first look at some of them a couple of weeks ago, including a 550 Spyder, a 356 Speedster, and a 911 IROC RSR – all of them valued in the millions. But that's only the tip of the proverbial iceberg. Other Porsches from the Seinfeld collection set to cross the auction block include a 917/30 Can-Am Spyder, a 718 RSK, a Carrera GT prototype and a 962C racer. There are old and new 911s aplenty, a handful of 356s, even a 597 Jagdwagen and a couple of 1960s VWs thrown in for good measure. You can scope out the full list in the press release below and view some of them in the gallery above. And if you have the funds and the inclination, Amelia Island will be the place to be next month. Here's hoping it all works out better for the proud new owners than that time George thought he had bought Jon Voight's Chrysler LeBaron. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Gooding & Company Reveals the Complete List of Collector Cars To Be Offered from Jerry Seinfeld's Collection at the Amelia Island Auction Porsche Highlights from Jerry Seinfeld's Collection Include the 1973 Porsche 917/30 Can-Am Spyder and the 1959 Porsche 718 RSK SANTA MONICA, Calif. (February 5, 2016) – Gooding & Company, the auction house acclaimed for selling the world's most significant and valuable collector cars, is honored to announce the full selection of consignments from The Jerry Seinfeld Collection to be sold at the Amelia Island Auction on March 11, 2016. Enthusiasts and collectors will not want to miss this historic event as these superb examples cross the auction block. "Mr. Seinfeld is recognized throughout the world as having acquired one of the finest Porsche collections ever assembled," said David Gooding, President and Founder of Gooding & Company. "He has become known as the definitive Porsche connoisseur based on his passion and devotion to the marque. We at Gooding & Company share his reverence for Porsche and are proud to offer these truly incredible examples.