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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.

Why you must buy an air-cooled Porsche 911 now

"Because" might be a good response to our headline, but as a vintage (purists might call 'proper') Porsche 911 is hardly cheap, we suspect you'll need a better explanation than that. Enter Drive editor Mike Spinelli.
Spinelli sits down with Zac Moseley and Mick Prichinello from Classic Car Club Manhattan to first explain why the market for old, air-cooled 911s has gotten so hot over the past few years, and to discuss if it's a bubble that's about to burst. Following that, this video is really is just three guys sitting around talking about old Porsches for 35 minutes. Which, you know, we're pretty onboard with.
Scroll down and have a look at the latest episode of After/Drive, from Drive.

Magnus Walker crashes vintage Porsche with reporter inside

One of the minor storms on the Internet earlier this week concerned Porsche 911 collector and Outlaw tuner Magnus Walker getting in an accident in Minnesota. Walker had shipped his #277 1971 Porsche 911T to the twin city for the opening of a $10-million Porsche dealership there, and the day began with lots of Facebook and Instagram photos of the car posing all over the showroom grounds. This is the same car that we've seen in Jay Leno's Garage, in Midnight Rambler, and in a Need for Speed trailer. Then came a photo of the 911 next to a semi trailer with its driver's side crumpled in and punctured. No one was clear on how it happened, but it seemed to involve swerving out of the way of a Mercedes-Benz on a frontage road by the dealership. Thanks to video from the Minneapolis Star Tribune, now we know what happened. Newspaper reporter Vineeta Sawkar had been doing a story with Walker and wanted to get some video for the piece. During one pass down the frontage road Walker decided to go into a right-hander a little faster than prudent, the car understeered toward the center yellow, and then Walker did the most verboten thing one can do when cornering in a vintage 911: he lifted off the gas. Hello instant rear-engined oversteer. Cue the fishtailing, a millimeter-fine brush with a Pagoda SL, and a crunch into that truck trailer. Sawkar said she was a little battered and bruised but ok, as is Walker – who went on to test drive a GT3 RS later in the day. Head over to the Star Tribune to see the video.