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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.

West Virginia sues VW for fraud, asks for major financial penalty

It took just four researchers, including two students, at West Virginia University doing some emissions tests eventually to engulf Volkswagen in an international scandal that has been raging for weeks. Now, the state's attorney general Patrick Morrisey has filed a formal complaint against the automaker's US branch for violating the West Virginia Consumer Credit and Protection Act. His argument alleges that VW "fraudulently manufactured, advertised, and sold" these polluting diesel vehicles as being good for the environment. If the West Virginia case is successful, VW could be on the hook for serious monetary punishment. Morrisey asks that any consumers in the state get refunds totaling the premium paid over a gasoline model, the loss in resale value, and the expected costs of lost performance from the upcoming recall repair. On top of that, the automaker would pay the state $5,000 for each violating vehicle and all of the related costs for preparing for the trial. According to the complaint's legal documents (here, as a PDF), the state's DMV currently shows 2,684, diesel 2009-2015 VW vehicles registered there. Morrisey isn't the only state attorney general to take a stern look at VW's actions, and his counterparts in at least 29 other states are investigation similar courses of action, as well. In addition, the Department of Justice and Environmental Protection Agency have their own probes underway. The final result could be very expensive for the automaker. Attorney General Patrick Morrisey Files Complaint Against Volkswagen of America, LLC 10/5/2015 CHARLESTON — Attorney General Patrick Morrisey announced today that his Office filed a complaint against Volkswagen of America, Inc. (Volkswagen), alleging the business violated the West Virginia Consumer Credit and Protection Act. The complaint alleges that Volkswagen fraudulently manufactured, advertised and sold a line of "clean diesel" vehicles with Turbo-charged Direct Injection (TDI) engines. "Volkswagen allegedly knowingly engineered certain vehicles to cheat U.S. emissions tests," Attorney General Morrisey said. "That is one reason why we have filed this complaint." A May 2014 study conducted by the Center for Alternative Fuels, Engines & Emissions at West Virginia University found elevated levels of emissions on several Volkswagen cars. Their data was then turned over to the U.S. Environmental Protection Agency (EPA) and the California Air Resources Board.

VW spending $10 million on EV infrastructure, calls on Congress for help

It must be the season of big EV infrastructure announcements. In the last few days, we've heard from Bollore in France, PG&E in California and now VW. The German automaker says it will spend a total of $10 million on electric vehicle charging infrastructure by 2016. That includes the previously announced ChargePoint investment VW made with BMW and work the automaker is doing to get chargers for cars like the e-Golf installed as its dealerships. But Jorg Sommer, Volkswagen of America'sl VP of product marketing and strategy, said today in Washington, DC that automakers need help from the federal, state and local governments to turn electric mobility into a thing. Speaking at the 2015 Electric Drive Congress, Sommer said VW would like the Feds to support fast charging networks in urban areas as well as interstate corridors and that governments should "commit to cleaner fleets by purchasing EVs and PHEVs. This should be a US Government priority," he said. He also suggested that the plug-in vehicle multiplier credits under the EPA's greenhouse gas regulations should be extended beyond the 2021 model year. VOLKSWAGEN OF AMERICA TO INVEST $10 MILLION IN ELECTRIC VEHICLE CHARGING INFRASTRUCTURE BY 2016 Feb 10, 2015 Washington, D.C., February 10, 2015 – Jorg Sommer, vice president, product marketing and strategy, Volkswagen of America, today presented Volkswagen's holistic approach to e-mobility surrounding the launch of the zero-tailpipe emissions 2015 e-Golf, including a $10 million commitment to support electric vehicle infrastructure by 2016. During a presentation delivered at the 2015 Electric Drive Congress in Washington D.C., Sommer stated that Volkswagen believes continued legislative support is needed to reach the next level of electric vehicle adoption. "Automakers have effectively delivered electric vehicles that can satisfy the needs of most American drivers," said Sommer. "In addition to the investment we and other companies and industries are making, we would like to see Federal financing support for establishing fast charging networks in urban areas and interstate corridors. We'd like to see more state and federal organizations commit to cleaner fleets by purchasing EVs and PHEVs. This should be a U.S. Government priority, and federal purchasing guidelines should reflect that by giving fleet purchasers the flexibility they need," Sommer said.