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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.

SoCal car culture bids farewell to an LA motoring landmark

It had a good run, but after 84 years, LA's iconic 6th Street Bridge is being torn down and replaced with a new structure. Magnus Walker gathered members of Southern California's legendary car culture to say goodbye. The East 6th Street bridge is just one of the hundred-plus spans that cross the Los Angeles River, built during the boom era of the 1930s, but it's among the most iconic. It spans the river and the rail yards from the industrial area to the West Side that's rapidly gentrifying as LA's Arts District. Unfortunately the concrete that was laid down way back in the 1932 is far beyond repair at this point. So after years of patchwork and tentative maintenance, the local authorities are taking it down and replacing it with a new bridge in a process that's expected to take four years. The destruction of the landmark is sad news for the people who have come to embrace it as one of the city's most memorable structures – people like Magnus Walker. The so-called Urban Outlaw, known as much for his offbeat style as he is for customizing Porsches, put out word to the tuner community that it was time to say goodbye to their beloved bridge, and out they came, looking like something straight out of a Fast & Furious movie. See how it all came together in this latest video from eGarage. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: eGarage via YouTube Porsche Videos bridge magnus walker urban outlaw

Watch Porsche legend Jeff Zwart frolic in the snow in his 356

Racing driver Jeff Zwart picked up a 1953 Porsche 356 Pre A to use as a historical prop in a Cayenne commercial, then decided to keep it when the filming was done. Then, explaining to filmmaker Will Roegge that his vintage toy does really well in slippery conditions, Zwart throws it around in the Colorado snow - on pencil-thin studded tires on 16-inch wheels - to prove the point.
Don't expect roostertails in this winter wonderland video, however; with just about 60 horsepower at sea level, gumption drops to about 40 hp when playing at 9,000 mountainous feet. But that's still plenty to work as a testament to the phrase, "If you've got it, flaunt it," and you can watch it below.