South Africa Auto Supplier Takes $41 Million Tariff Hit: News24

A South African company that builds automated assembly lines and develops production software for BMW AG, Volkswagen AG and Mercedes-Benz Group AG lost contracts worth 750 million rand ($41 million) as a result of new US trade tariffs, News24 reported.

Jendamark Automation informed its board that the contracts that were expected to be signed within the next two to three months will no longer be happening, the website reported, citing Managing Director Siegfried Lokotsch.

“About 15% of our business is local and 50% is exported to America,” Lokotsch told News24. “We are now 30% more expensive, this crushes ...