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18.09.26 - 20:13
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Auto Stocks Slide As VW Cuts Outlook, Industry Urges Trump To Keep BYD Cars Out (ZeroHedge)
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Auto Stocks Slide As VW Cuts Outlook, Industry Urges Trump To Keep BYD Cars Out
Earnings pressure and trade-policy uncertainty are weighing on auto stocks on Friday.
Volkswagen shares fell as much as 7.5% after the struggling European automaker lowered its operating-margin forecast, reflecting a write-down on its Porsche stake and weak Chinese demand.
Separately, US auto industry groups urged the Trump administration to maintain restrictions on Chinese vehicles, according to a Bloomberg report.
"Allowing them to open a domestic facility would provide a foothold in the US market at the expense of manufacturers operating here," the coalition wrote.
Signatories include the Alliance for Automotive Innovation, whose members include Ford, General Motors, Toyota and Volkswagen, alongside Autos Drive America, the American Automotive Policy Council and the National Automobile Dealers Association.
The letter to the White House, seen by Bloomberg, comes less than a week before President Trump m...
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