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6
Auto giant shares tumble as European Union's new steel tariffs spark industry panic (www.cnbc.com)
submitted 2 months ago* (last edited 2 months ago) by schizoidman@lemmy.zip to c/europe@feddit.org
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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.

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[–] Hotznplotzn@lemmy.sdf.org 6 points 2 months ago

... 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.

[–] randomname@scribe.disroot.org 4 points 2 months ago (1 children)

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?

[–] HK65@sopuli.xyz 5 points 2 months ago

It's an American billionaire paper, they are not reporting on industry panic, they are in the business of causing it.

[–] trollercoaster@sh.itjust.works 2 points 2 months ago

F in chat for the poor shareholders.