BMW is biggest US automotive exporter by value for 5th year

BMW is biggest US automotive exporter by value for 5th year

BMW's US export report comes at a time when US President Donald Trump has threatened to saddle imported cars and auto parts with steep tariffs of up to 25%.

A logo of the German luxury carmaker BMW is seen during the company’s annual news conference in Munich, Germany, March 21, 2018. (Reuters pic)
MUNICH:
Germany’s automaker BMW said on Friday it was the biggest US automotive exporter by value for the fifth consecutive year, with exports totaling over US$8.4 billion in 2018.

The company said it exported 234,689 units of its X model sport utility vehicles and coupes from its Spartanburg, South Carolina, plant during 2018.

“Despite…the ongoing uncertainty regarding trade and tariffs, plant Spartanburg is still positively contributing to the US balance of trade,” said Knudt Flor, president and CEO of BMW Manufacturing.

BMW’s US export report comes at a time when US President Donald Trump has threatened to saddle imported cars and auto parts with steep tariffs of up to 25%.

Automakers, however, warn that such tariff on imported cars and parts would add thousands of dollars to vehicle costs and potentially devastate the US economy as auto companies cut jobs to maintain profits.

“The remarkable partnership between BMW and South Carolina continues to thrive, and this is evident by the fact that our state remains the nation’s leader in the export sales of completed passenger vehicles,” South Carolina Secretary of Commerce Bobby Hitt said.

Stay current - Follow FMT on WhatsApp, Google news and Telegram

Subscribe to our newsletter and get news delivered to your mailbox.