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At meeting with automakers, Trump launches new attack on NAFTA

WASHINGTON — Ten American and foreign automakers went to the White House on Friday to push for a weakening of U.S. fuel efficiency standards through 2025, while President Donald Trump used the occasion to launch a fresh attack on the North American Free Trade Agreement that has benefited the companies. A draft proposal circulated by the U.S. Transportation Department would freeze fuel efficiency requirements at 2020 levels through 2026, rather than allowing them to increase as previously planned. Trump's administration is expected to formally unveil the proposal later this month or in June. "We're working on CAFE standards, environmental controls," Trump told reporters at the top of the meeting, referring to the Corporate Average Fuel Economy standards for cars and light trucks in the United States. Trump said he wants automakers to build more vehicles in the United States and export more vehicles. But much of the hour-long meeting focused on NAFTA. Trump blasted the pact involving the United States, Canada and Mexico as "terrible" and noted that negotiations to make changes sought by his administration were ongoing. "NAFTA has been a horrible, horrible disaster for this country and we'll see if we can make it reasonable," Trump said. Automakers have called NAFTA a success, allowing them to integrate production throughout North America and make production competitive with Asia and Europe, and have noted the increase in auto production over the past two decades with the deal in place. They have warned that changing NAFTA too much could prompt some companies to move production out of the United States. The chief executives of General Motors Co, Ford Motor Co, Fiat Chrysler, along with senior U.S. executives from Toyota Motor Corp, Volkswagen AG, Hyundai Motor Co, Nissan Motor Co, Honda Motor Co , BMW AG and Daimler AG met with Trump, as did the chief executives of two auto trade groups. Major automakers reiterated this week they do not support freezing fuel efficiency requirements but said they want new flexibility and rule changes to address lower gasoline prices and the shift in U.S. consumer preferences to bigger, less fuel-efficient vehicles.

Automakers are getting nervous about Europe's economy

Carmakers BMW and Stellantis on Thursday expressed concerns about Europe's economic outlook, joining a chorus of retailers and others in warning of waning consumer confidence on the continent and hitting their shares. "Obviously the macro(-economic situation) in Europe is more challenging, which gives me pause, personally," Stellantis chief financial officer Richard Palmer said on a conference call with analysts. "If there was anywhere where I was more concerned, it would be Europe than anywhere else really based on the macro." This follows a dire assessment of consumer sentiment in Europe from the likes of consumer goods company Unilever and news of lower spending by Europeans from Amazon. Like other major auto companies, Stellantis and BMW have been hit by supply chain disruptions stemming from the global coronavirus pandemic that have curtailed car production. They have also benefited from strong consumer demand amid low vehicle supply, allowing them to raise prices and keep them high even as the semiconductor shortage shows signs of easing. BMW posted a 35.3% jump in third-quarter revenue despite a small drop in vehicle sales. Stellantis said its revenue rose 29% on the back of a 13% increase in vehicle sales as more semiconductors became available. The concern among analysts has been that demand may falter, just as carmakers get their hands on the supplies they need, undermining pricing and hurting profits. But this week Ferrari said it was confident about its prospects for this year and 2023 as demand for its luxury cars, as well its pricing power, remained strong. Both BMW and Stellantis said on Thursday they had vehicle order books that stretched into the second quarter of 2023. But BMW's chief financial officer Nicolas Peter said high inflation and rising interest rates could hit buyers' wallets. "This is causing conditions for consumers to deteriorate, which will affect their behaviour in the coming months," he said. "We therefore continue to expect our higher-than-average order books to normalise, especially in Europe." He added customers had been unhappy about the wait for new cars, so "a slight reduction (in orders) would not be negative." Palmer said Stellantis was "ready for any softness in demand" but in the short term had been affected by a shortage of drivers to deliver its cars to dealers. "At the moment, we can't build enough cars," he said.

BMW i8: Jaw-dropping style and green performance, but why?

Why is there a BMW i8? Given the relative simplicity, affordability, practicality and energy efficiency of BMW's i3 sedan – available as a $42,000 all-electric or $46,000 extended-range EV – why design, engineer and build the much more complex and expensive ($137,450) but much less practical, exotic plug-in hybrid i8 2+2 sports car? Are i8 sales really worth BMW's huge investment of engineering effort and dollars? In 2015, BMW sold 2,265 i8s in the US, or about 189 a month. That compares to 11,024 (919 a month) for BMW's own i3, an estimated 27,840 (2,320 a month) for Tesla's battery-only EV Model S sedan and 1,024 (85 a month) for Cadillac's handsome, more practical and less expensive (but ridiculously overpriced and dismal-selling) ELR extended-range-EV luxury coupe. Are such sales really worth BMW's huge investment of engineering effort and dollars? The i8's lightweight Carbon Fiber Reinforced Plastic (CFRP) "Life Module" passenger cell rides on an aluminum "Drive Module" chassis that houses its complex propulsion system – a 228-horsepower, 1.5-liter turbocharged gas 3-cylinder (half of BMW's 3.0-liter twin-turbo straight six) driving its rear wheels through a six-speed automatic and a 129-hp electric motor twisting its front wheels through a "two-stage" automatic – and a 5-kWh lithium-ion battery. Its drag coefficient (Cd) is an aero-slick 0.26, and BMW says it can run on battery energy alone for up to 22 miles. Its total system output is a healthy 337 horses, and its EPA economy is 76 miles per gallon equivalent in gas-electric mode, but just 28 mpg when it's gas-only. A Driver Experience Control and an eDrive button offer EV and Comfort modes, plus Eco Pro (12 percent more range) and Eco Pro+ (12 more). So what is this gorgeous plug-in hybrid sports car like to drive and live with? I missed its press launch so have been hoping for some quality time with one ever since. Production has been limited, and US press cars are few, but BMW said I would eventually get my chance. It finally happened. If the unlovely i3 is a green technology revelation, this supermodel-sexy i8 is a green styling and performance revolution. If the i3 is the practical soccer mom of battery BMWs, the i8 might be the ultimate Teutonic trophy wife. But really, why do it? For starters, just look at it. Some might see a new, high-tech take on the Giugiaro-designed BMW M1 mid-engine sports car. Just 453 of those were built from 1979 to 1981.