European Automobile Manufacturers’ Association (ACEA), an industry lobby group, said the proposal goes too far and threatens automakers with higher input and administrative costs.
Germany’s BMW fell around 8% on Wednesday, slumping toward the bottom of the pan-European Stoxx 600 index.
The Munich-based carmaker, which is reportedly on track for its worst trading day since September last year, issued a fresh profit warning on Tuesday, citing slow growth in China and the ongoing impact of U.S. import tariffs.
Germany’s Mercedes-Benz Group, Porsche and Volkswagen were all down roughly 2%.
Shares of France’s Renault and Milan-listed Stellantis were last seen 2.5% lower and 0.3% lower, respectively.
… citing slow growth in China …
Even if and when China’s domestic consumption would awake in the long-term future for some reason, the slow growth in the Chinese markets for all non-Chinese companies will go on. The government turns the country into a closed shop, in the automotive as well as in all other industries. It’s really time that Europe and the rest of the world wakes up and protect their markets, too.
The report is more about intraday stock market prices, while not much is said about the industry itself other than a few sentences:
“We do not contest the need for some level of protection for a commodity industry like steel but we feel that the parameters as proposed by the Commission go too far in ring-fencing the European market" … called instead for “a better balance” between the news of European producers and users of steel in this measure.
Where is the industry panic here?
It’s an American billionaire paper, they are not reporting on industry panic, they are in the business of causing it.
F in chat for the poor shareholders.