German car exports rise as US threatens steep new tariffs

Germany's embattled car industry exported more vehicles in 2024 than in the previous year, most of them to the United States, where President Donald Trump is threatening to impose new tariffs, reported dpa.

Last year, Germany exported some 3.4 million new cars worldwide, worth €135 billion, according to official data from the Federal Statistical Office.

Exports rose by 2.5% in volume compared to the previous year, although the value of exports fell slightly by 1.3%.

The US was the largest taker of all new car exports with a share of 13.1%, followed by Britain (11.3%) and France (7.4%), the office said.

Meanwhile Germany imported some 1.8 million new cars in 2024, a fall of 11.5% in terms of volume and 12.8% in terms of value.

The data comes after Trump threatened to impose a 25% tariff on cars imported from the European Union. He plans to make a concrete statement about this in early April.

So far, car imports from the EU to the US have been subject to a 2.5% tariff.

US tariffs would hit Europe's struggling car industry hard, especially German manufacturers.

The US market is one of the most important sales markets for all German carmakers. Almost one in three Porsches and one in six BMWs were sold in North America in 2024, while Volkswagen, Audi and Mercedes-Benz each reported a share of 12% to 15%.

Tariffs of 25% on steel and aluminium imports to the US are already in force. The EU responded by imposing counter-tariffs on a range of products from the US, including bourbon whiskey and motorbikes.