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>> Ford may have scrapped its planned car plant in central Mexico, but BMW has no plans to follow suit. Last week, the German car maker vowed to continue with its $2.2 billion investment in the region. Then came another blow. Trump told a German journalist he would impose a 35% border tax on vehicles imported from abroad to the US market.
Shares in BMW, Daimler and Volkswagen all fell as markets opened after the comments were made. All three car makers have invested heavily in factories in Mexico, where production costs are lower than in the US. BMW all ready produces its 3 Series in Germany and China. Production in San Luis Potosi is due to start in 2019.
The 150,000 cars it will make there are intended for the world market. Both Daimler and VW's Audi division also have big plans for Mexico. But Trump doesn't like what he calls an unfair, one-way street. Noting that Germans aren't buying Chevrolets at the same rate Americans are buying Mercedes Benz.