Magna gibt die Ergebnisse des 4. Quartals und Gesamtjahres 2018 bekannt und erhöht die vierteljährliche Bardividende um 11 %

Highlights des 4. Quartals 2018Umsätze in Rekordhöhe von 10,1 Mrd. US-Dollar im 4. Quartal, ein Anstieg von 5 % gegenüber dem 4. Quartal 2017Mittelzuflüsse aus laufender Geschäftstätigkeit von 1,6 Mrd. US-DollarAktionärsrendite von 585 Mio. US-Dollar durch Aktienrückkäufe und DividendenErhöhung der vierteljährlichen Bardividende um 11 % auf 0,365 US-Dollar pro AktieHighlights des Gesamtjahres 2018Umsätze in Rekordhöhe… Continue reading Magna gibt die Ergebnisse des 4. Quartals und Gesamtjahres 2018 bekannt und erhöht die vierteljährliche Bardividende um 11 %

Famous luxury automotive brand returns – Hispano Suiza to present Maguari HS1 GTC

Thu, Feb 21, 2019 18:07 CET Zug, February 21st, 2019 – Hispano Suiza Automobilmanufaktur AG will bring back the glory of the early 20th century. The brand, best known for its pre-World War II luxury cars and aviation engines, will present a new hypercar that will enthuse car collectors and aficionados alike. The Maguari HS1… Continue reading Famous luxury automotive brand returns – Hispano Suiza to present Maguari HS1 GTC

Back from the dead: 2 Long-gone cars will debut at Geneva Motor Show, and their electric makeover could come with $1 million sticker price – CNBC

Over the past century, hundreds of once-familiar brand names have been shipped off to the automotive scrapyard, but two long-dead makes will be vying for a revival next month at the annual Geneva International Motor Show.

As Trump ponders auto tariffs, free-trade Republicans push back

Patrik Stollarz | AFP | Getty Images
Volkswagen cars at the harbor of Bremerhaven, Germany.

The Commerce Department is expected to deliver its long-awaited report on auto tariffs to the president by a Feb. 17 deadline, according to two sources familiar with the matter. But as President Trump deliberates his next moves – by law, he has 90 days to decide –he will face an uphill battle from companies, foreign allies and Republican lawmakers if he decides to impose duties.

The report was crafted under section 232 of a 1962 trade law, a provision that allows tariffs on items that threaten national security that was scantly used before the Trump Administration. In March 2018, the president used the provision to slap duties on foreign steel and aluminum, and called for an investigation into automobiles several months later, tweeting before the research was conducted that he'd be interested in a 25 percent rate.

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Whether the Commerce Department took the president's lead in recommending tariffs on all imported automobiles is unclear. But such a move would face resistance in the West Wing. “There's not a whole lot of support for auto tariffs,” a senior administration official told CNBC. “But only one person's opinion matters.”

In July 2018, President Trump called on Twitter for tariffs of 20 percent on foreign automobiles, and in November upped the suggestion to 25 percent following news of layoffs at General Motors.

Business groups are already warning of the economic impacts. A new study by the Center for Automotive Research found a 25 percent tariff on autos and parts would increase the price of a car by an average of $2,750 and as many as 366,900 U.S. jobs would be lost. Its analysis factors in exclusions for South Korea and assumes Canada and Mexico would also be exempt under the yet-to-be-passed U.S. Mexico Canada trade agreement.

Pro-free-trade Republicans are building new tools to push back, in case the president implements new tariffs in the name of national security.

Sen. Pat Toomey (R-PA) introduced a bill last month that would give Congress sixty days to approve any proposed tariffs under section 232. It would also apply retroactively to steel and aluminium tariffs, giving Congress 75 days to pass a resolution to approve those tariffs.

Sen. Toomey says he has heard from dozens of Pennsylvania companies who use steel and aluminium products who have been hurt by the increased cost of materials. “We have seen this administration use this tool in a way that was never intended,” said Toomey.

Sen. Robert Portman (R-OH) also has a proposal to address what he sees as the misuse of national security in trade fights. Under his proposal, the Pentagon would make the primary determination that a tariff is needed, not the Commerce Department. And Congress would have the right to disapprove of those measures.

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Sen. Portman said his measure is timely because of the widespread opposition among Republicans to placing tariffs on auto imports, most of which come from allied countries. Any action taken out of spite, and not because of a true security concern, will backfire.

“If it's not based on fairness, it comes back to haunt us,” Portman said. “If you are going to say minivans from Canada are a national security threat, Canada is going to react, knowing that's not legitimate.”

Sen. Chuck Grassley (R-IA), chairman of the influential Senate Finance Committee, is working to come up with a compromise between Toomey and Portman's proposals that can get broad bipartisan support. But he brushed off any association between that effort and the Trump Administration's recent actions.

“Our moving on 232 has nothing to do with autos or aluminium or steel, it's comes from the proposition that Congress in 1962 delegated too much Constitutional authority to the president,” Sen. Grassley told reporters on Wednesday.

China ride-hailing giant Didi to lay off 15% employees this year: Source

Didi Chuxing will lay off 15% of its staff or about 2,000 people this year, a source said, marking the ride-hailing firm’s first major cut back as it grapples with regulatory scrutiny and public backlash over the murder of two of its users. Didi CEO Cheng Wei said at a meeting with management that the… Continue reading China ride-hailing giant Didi to lay off 15% employees this year: Source

Carlos Ghosn and Japan’s ‘hostage justice’ system – BBC News

Carlos Ghosn, Nissan’s former chairman, has now spent three months in jail and faces many more. Japan’s former chief prosecutor was, until he unexpectedly resigned on Wednesday, his lawyer, and has declared Mr Ghosn to be a victim of “hostage justice”. It is a term few outside Japan will have heard of until now, but… Continue reading Carlos Ghosn and Japan’s ‘hostage justice’ system – BBC News

Supervisory Board of Daimler AG extends contract with Britta Seeger

STUTTGART, Germany, Feb. 13, 2019 /PRNewswire/ — Extension of the contract for five years until December 31, 2024 Manfred Bischoff, Chairman of the Supervisory Board of Daimler AG: “We are very happy to continue working with Britta Seeger. She is leading Marketing and Sales of Mercedes-Benz Cars with great success. In the past year, Mercedes-Benz… Continue reading Supervisory Board of Daimler AG extends contract with Britta Seeger

President Macron to unveil plan to give Europe’s electric battery industry a jolt

PARIS (Reuters) – France will invest 700 million euros ($790 million) over the next five years into projects to boost the European electric car battery industry and reduce its carmakers’ reliance on dominant Asian rivals, said French presidency officials. The new battery of the Renault electric car Z.E. is displayed on media day at the… Continue reading President Macron to unveil plan to give Europe’s electric battery industry a jolt

Volvo Cars courts investors to raise cash for Polestar

The company is also ditching the industry’s traditional route to market via dealers. STOCKHOLM: Volvo Cars is talking to Chinese and U.S. tech investors as the company seeks external finance for its Polestar performance electric car brand, the Swedish company’s chief said on Thursday. Carmakers are seeking partnerships to cut the cost of building new… Continue reading Volvo Cars courts investors to raise cash for Polestar

Ford Invests $1 Billion in Chicago Plants; Creates 500 New Jobs to Launch Explorer, Police Interceptor, Lincoln Aviator

Ford invests $1 billion in Chicago Assembly and Stamping Plants and adds 500 jobs to expand capacity for the production of all-new Ford Explorer, Police Interceptor Utility and Lincoln Aviator New investments in advanced manufacturing technologies and workforce training at the plant help Ford deliver better quality vehicles to customers more quickly   Ford is spending… Continue reading Ford Invests $1 Billion in Chicago Plants; Creates 500 New Jobs to Launch Explorer, Police Interceptor, Lincoln Aviator