The bosses of Volkswagen, BMW and Daimler are ready to join a meeting at the White House with the Trump administration, but have not yet received an official invitation, industry sources stated on Thursday. The Handelsblatt newspaper on Wednesday mentioned industry and diplomatic sources as stating the meeting could possibly take place as soon as
U.S. automakers and parts suppliers on Thursday cautioned that President Donald Trump’s steel and aluminum tariffs and threatened vehicle tariffs would undermine the advantages of the new deal to modernize the North American Free Trade Agreement, resulting in widespread job losses. At a wide-ranging hearing prior the U.S. International Trade Commission, labor representatives stated the
JP Morgan & Chase Chief Executive Jamie Dimon and Ford Motor Chairman Bill Ford dropped plans to attend a Saudi investor conference, the companies stated on Sunday, the recent such high-profile announcements following the disappearance of Saudi journalist Jamal Khashoggi. The cancellations could increase pressure on other U.S. companies such as Goldman Sachs Group Inc,
U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe agreed to start trade talks in an arrangement that, for now, secures Japanese automakers from more tariffs, seen as a significant threat to the export-dependent economy. The two countries stated in a joint statement the talks “will respect positions of the other government”, drawing lines
Steel and aluminum tariffs imposed by the Trump administration have cost Ford Motor about $1 billion in profits, its chief executive officer stated on Wednesday, where as Honda Motor stated higher steel costs have brought “hundreds of millions of dollars” in recent costs. “From Ford’s perspective the metals tariffs took about $1 billion in profit
Fiat Chrysler Automobiles NV stated that U.S. regulators have got a “wake-up call” from automakers regarding the hurdles they face in trying to meet increasing Obama-era fuel-efficiency standards. In day two of a three-day public hearing regarding the Trump administration’s proposal to freeze fuel-efficiency standards at 2020 levels through 2026, automakers prompted regulators to continue
It has been a long lead-up to the new presidential limousine, but now it seems that General Motors has “The Beast” in working order for President Donald Trump. The new limousine caught public attention for the first time this weekend in New York City in Trump’s motorcade, supposedly on its way to Trump Tower. Noted
Volkswagen AG is going to end nearly of all its operations in Iran, Bloomberg reported on Wednesday, mentioning a U.S. official who led the discussions with the automaker. The Trump administration persuaded the automaker to adhere to U.S. sanctions on Iran, Bloomberg stated. The White House and Volkswagen were not available at the time for
A threat by the U.S. government to impose tariffs of up to 25 percent on imported vehicles parts could hit customers in unexpected ways: higher repair costs, insurance premiums and even the theft of more vehicles for their parts, the industry stated. U.S. President Donald Trump’s administration has started an investigation into whether auto imports
General Motors has warned that higher tariffs on imported automobiles under consideration by the Trump administration could cost jobs and result in “a smaller GM” while isolating U.S. businesses from the international market. The administration in May started an investigation into whether imported vehicles pose a national security threat, and U.S. President Donald Trump has
Ford Motor’s long-time top lobbyist is departing from the automaker to join SoftBank Group, which is ramping up its Washington efforts, the companies stated on Friday. Ziad Ojakli, a Ford group vice president who is heading the Detroit automaker’s government relations strategy for 14 years and was a White House aide under President George W.
General Motors CEO Mary Barra stated on Tuesday the No. 1 U.S. automaker at present has no projects underway with ride-sharing company Lyft, where it is holding 9 percent stake. Competing automaker Ford Motor stated last year it will work with Lyft to deploy large amount of Ford self-driving vehicles on Lyft’s network by 2021.
Fresh off a $7 billion rescue for its loss-making South Korean operation, General Motors is dealing with a new threat as U.S. President Donald Trump thinks about higher vehicle import tariffs that could “make or break” its Asian subsidiary. Previously this month GM agreed on the bailout package with the South Korean government in return
Japanese Prime Minister Shinzo Abe stated on Monday he would like to convince President Donald Trump of the important role his country’s automakers play in increasing the U.S. economy. The Trump administration decided last week to start a national security investigation into auto imports that could result in new U.S. tariffs comparable to those imposed
Shares of General Motors and Ford Motor moved only marginally higher before the bell on Thursday following the Trump administration launch of a national security investigation into car imports which could result in new tariffs on foreign rivals while also stirring trade tensions. Washington stated on Wednesday it will open a so-called Section 232 investigation