BMW and Hyundai Motor urged the U.S. not to impose tariffs on auto imports, joining General Motors Co. in pressing their case to the Commerce Department even as a top aide to President Donald Trump dismissed the concerns as “smoke and mirrors.”
Li Shufu, chairman of Chinese carmaker Geely, is making waves in the global auto market after buying a US$ 9 billion stake in Germany’s Daimler. Li, 54, the son of a farmer from China’s Zhejiang province, has led a major acquisition push globally since 2010, when he took over Swedish car brand Volvo from Ford Motor, US$ 1.8 billion deal.
Brazil's industrial output rose in December at its fastest monthly pace in two and a half years, in a likely one-time boost that did not reverse the sharp losses of one of the worst years on record for local manufacturers.
Argentina's vehicle production reached 50,904 units in June according to the Automobile Factory Association (ADEFA), 19.8% less than the 63,461 units manufactured in the same month of 2013. Taking into account the first 6 months of 2014, production fell 21.8% compared to the same period of 2013.
Argentina and Brazilian officials agreed to continue meeting regularly to solve as soon as possible bilateral trade problems mainly those referred to the auto industry. On Tuesday Argentine Finance minister Axel Kicillof and Industry minister Deborah Giorgi met their Brazilian counterparts, Guido Mantega and Mauro Borges in Brasilia.
Boosted by auto and metal-mechanic manufacturing industrial production in Argentina during June increased 3.8% compared to the same month a year ago, according to the latest release from Indec. Since April and May were also positive this means that the second quarter was up 3.5% over a year ago.
Automobile production in Brazil rose 18.7% in February from January, setting a record for the month, as exports surged on the back of increased global demand for automobiles, industry data showed on Friday.