Auto Stock Roundup: Volkswagen Recalls, Harley-Davidson's 2020 Lineup & More
Zacks Investment Research | Aug 29, 2019 12:19AM ET
Last Friday, it was reported that China intends to resume tariffs on U.S. cars and auto parts/components that it had discontinued in April. Beijing plans to impose 25% tariff on U.S. cars and 5% on auto parts, effective Dec 15, 2019. Notably, U.S. vehicle exports to China became half when the latter had imposed retaliatory tariffs last year. Escalating trade tensions between the United States and China, with the latter planning to restart levies on American autos, may dent the prospects of U.S. auto biggies in Chinese markets.
On the news front, German automaker Volkswagen (DE:VOWG_p) AG (OTC:VWAGY) issued a recall of roughly 679,000 vehicles in the United States for a rollaway problem. Meanwhile, American motorcycle giant Harley-Davidson, Inc. (NYSE:HOG) unveiled the details of new motorcycle models and technologies for 2020.
Recap of the Week’s Most Important Stories
1. Volkswagen issued a recall of roughly 679,000 vehicles in the United States and 117,000 cars in Canada to fix an electrical issue that could result in a potential rollaway problem.
The German automaker revealed that silicate may build up on the shift lever micro switch, allowing drivers to remove the key from the ignition without the vehicle actually being in park. The problem could cause the vehicles to roll away unexpectedly, thereby increasing the possibility of a crash or injury. The recall affects model-year between 2011 and 2019 including Jetta, Beetle & Beetle Convertible, Golf, Golf SportWagen, and Golf GTI. The bulk of the affected vehicles include the 2011-2018 Jetta models. (Read More: Zacks Investment Research
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