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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.

Lewis Hamilton blasts to pole position for British Grand Prix

SILVERSTONE, England - Lewis Hamilton took pole position for his home British Grand Prix for the third year in a row on Saturday with a sensational lap that left him one step away from Michael Schumacher's Formula One record. Hamilton's championship-leading Ferrari rival Sebastian Vettel, who has a 20-point advantage after nine of 20 races, qualified third. The Mercedes driver was half a second quicker than Ferrari's second placed Kimi Raikkonen and his time of one minute 26.600 seconds was so outrageously quick there were gasps before the crowd erupted. "I always try to leave the best to last," the Briton told retired champion Jenson Button in post-qualifying interviews on the grid. "I had to make sure I got that lap in. I couldn't do it last weekend (in Austria) so I made sure I could here." Hamilton still faced a nervous wait after race stewards announced they were investigating an incident involving French driver Romain Grosjean, who complained he had been blocked earlier in the session. They swiftly decided to take no further action. The Briton's mastery of a damp but drying track lit up an overcast afternoon and the pole was the 67th of his career, sixth of the season, and gave him every chance of equalling Schumacher's record 68 before the August break. The triple world champion has won the last three British Grands Prix and can equal the late Jim Clark's feat of four home wins in a row, and five in total, on Sunday. Saturday ensured he has already matched Clark's 50-year-old record of five British Grand Prix pole positions. "I feel amazing in front of a great crowd like this. I hope you liked the lap," Hamilton told the grandstands full of cheering fans. "I generally like it to be dry, but I like it when the conditions are tricky." Hamilton's Finnish team mate Valtteri Bottas, winner in Austria, was fourth fastest but has a five-place penalty following a gearbox change. That promoted Red Bull's Dutch teenager Max Verstappen, who has suffered five retirements in the last seven races, to the second row. Renault's Nico Hulkenberg and his former Force India team mate Sergio Perez filled the third row. There was good news for beleaguered McLaren, who raised a cheer when Fernando Alonso made the most of improving conditions to set the fastest time in the first phase of qualifying, with Belgian Stoffel Vandoorne qualifying ninth.

Mercedes-Benz CLA45 AMG coming to the New York Auto Show

Mercedes-Benz showed off the CLA45 AMG at a private event on the eve of the Geneva Motor Show, but was determined not to let it be photographed. We can talk about it, though - after all, a teaser image was released to promote the new Sony game Drive Club. The CLA45 AMG will use the same powertrain as the A45 AMG, which means a 2.0-liter turbocharged four-cylinder with 360 horsepower and 332 pound-feet of torque. And that means a small four-door coupe sedan with the highest horsepower-per-liter in the segment. It will shift through the same seven-speed dual-clutch transmission, should also run out of speed at 155 miles per hour and have that three-stage stability control system.
As with its hatch sibling, the CLA is already so aggressive on the outside - and the parent company so anxious not to demolish the sedan's 0.22 coefficient of drag - that not much has been done to the cranked-up CLA. Even the rather thin tires on the standard only get a little less thin on the hotter variant. Inside will be the telltale AMG signs, with lots of red detailing and that flat-bottomed wheel among the giveaways. We'll know more later this month when the wraps come off at the New York International Auto Show.