TOKYO/MILAN, May 31 (Reuters) - Shares of global automakers and suppliers tumbled on Friday after U.S. President Donald Trump threatened to impose tariffs on imports from Mexico, potentially upending a global manufacturing business model established decades ago. From Mazda in Japan to Volkswagen in Germany to General Motors in the United States, carmaker stocks took a hit as a new front opened in the global trade war. Trump said in a Tweet on Friday. For years carmakers have built vehicles in Mexico, taking advantage of its cheap labour, trade deals and proximity to the United States, the world's largest auto market after China. The move could hit a number of global companies, with the auto industry looking particularly vulnerable, along with aerospace suppliers, industrial component makers and electronics firms. Jon Harrison, a senior macro strategist at TS Lombard. 32.5 billion in auto parts flowed to the U.S. Mexican factories, according to U.S. The American Automotive Policy Council, which represents U.S. Washington D.C., said new tariffs would ruin the benefits of Trump's proposed new trade agreement with Mexico and Canada, which relies on duty-free access.
Some of the most popular vehicles sold in the United States are made in Mexico, including versions of General Motors' Chevrolet Silverado pickup, the Chevrolet Blazer SUV, Volkswagen's Jetta sedan and the Toyota Tacoma pickup. The move also looks also likely to backfire on U.S. Janet Lewis, an analyst at Macquarie Securities. Swedish industrial seals and bearings maker SKF, which supplies carmakers in the United States from Mexico, said it would pass on any tariff impact to customers. In Japan, shares in Toyota fell 3% while Nissan dropped 5% and Honda 4%. Mazda took a bigger hit, tumbling 7%. All four operate vehicle assembly plants in Mexico, producing roughly one-third of the vehicles made there. In Europe, potential merger candidates Fiat Chrysler and Renault led the carmakers lower, each falling 5%, while automotive supplier Faurecia was down 4% in late afternoon trading. Shares in Madrid-listed bank BBVA and Italian steel pipe maker Tenaris, both with significant exposure to Mexico, each fell 4%, while Mexican-focused exchange-traded funds reeled.
The 215-hp GTE uses a turbocharged four-cylinder engine, an electric motor, and a six-speed dual-clutch automatic transmission, and it's the quickest model in the Passat lineup. The headline tech feature of the updated Passat is what VW is calling Travel Assist, which is a Level 2 semi-autonomous driving system that the brand is introducing under its IQ. Drive umbrella of active-safety features. Travel Assist, which works at speeds from zero to 130 mph, consists of features including advanced adaptive cruise control, lane-keeping assist, and steering assist. The Traffic Jam Assist feature on the previous Passat only worked at speeds up to 25 mph, and unlike the new system, it couldn't steer the car. Travel Assist also can react to speed limits, slowing down or speeding up the car as necessary, and it works on on- and off-ramps, intersections, and traffic circles. Sadly, there is no hope for any version of the new European Passat to come to America, especially now that our 2020 Passat has been revealed. Fear not, though, Europhiles, as we do get something close to Europe's Passat in the States: the gorgeous new Arteon liftback. Well, we will get it in the States鈥攖he launch of the Arteon has been delayed due to emissions testing. Until then, we're left to pine over this newest piece of forbidden fruit.
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The 7th generation Volkswagen Golf has been produced in Volkswagen de Mexico's Puebla plant since 2014, but VW's relationship with Mexico is about to change. According to Al Volante, the brand is moving all production of its flagship hatchback back to Europe, specifically to the Wolfsburg facility. Thanks to mounting pressure from the German worker's union, Volkswagen has been forced to relocate the Golf's manufacturing plans to Europe. The union is currently fighting for higher pay for German workers. Al Volante reports that this may also to do with decreasing Golf sales in European market, as many buyers are still skeptical about the Mexico-produced Golf's product quality. Golf production is slated to take place solely in Europe by 2019 which coincides with VW's plans to produce the 8th generation Golf for the 2020 model year. It's hard to say what this means for the U.S. Mk7 Golf has been generally well-received with few quality problems. The Puebla plant is the main supplier for North America, and sales this year have actually increased in the United States. The Volkswagen plant in Puebla also produces the Tiguan, T-roc crossover, Jetta, and soon to be axed Beetle. There's no word on whether these models will move back to Europe, but VW's iconic hatchback is headed home to Germany.
