Yes Minister - why Britain joined the European Union
Automakers call for trade duty free between the EU and the UK after the victory of Brexit.
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Car manufacturers have known franchise trade today Rights to maintain between Britain and the EU on the U K voted for Brexit, amid warnings that sales and production will be affected in the second largest car market in Europe after Germany.
BMW, whose units Mini and Rolls-Royce to build cars in the United Kingdom warned against a period of uncertainty, but said there will be no immediate changes to its operations in the UK Many conditions the supply of the European market will now have to be renegotiated, BMW said in a statement, we can not say what it means for our operations in the UK until the future regulatory and legislative provisions are in agreement, German high-end automaker said.
General Motors European arm Opel said it was important to its UK division Vauxhall -Based Britain continues to be part of the European Economic Area to allow the free movement of goods and people in Europe Space European economic is open to EU Member States and non-EU countries of the European free trade, which includes Switzerland, Norway and Iceland.
Ford Motor said it has not changed its investment plans yet, but would take all necessary steps to ensure that our European business remains competitive Ford has three factories in the manufacture of engines and transmissions U K.
UK brand luxury sports car Aston Martin urged the British government to get duty-free access to EU markets CEO Andy Palmer said the company now will focus its activities in the context of market volatility that may exist during the transition period a weaker pound should partially offset the increased instability, he said.
Shares of Tata Motors of India fell 12 percent today, its biggest drop since 2012 Tata owns Jaguar Land Rover, the largest automaker by UK production, which relies on Europe for about 20 percent of its global sales.
Jaguar Land Rover today announced that it will remain committed to all of its production facilities and investment decisions in Europe is a key strategic market for our company, we remain absolutely committed to our customers in the EU, a door Floor-JLR said in a statement.
The UK automotive industry has experienced a great revival in recent years, but is mainly owned by foreign companies Nissan Japan, Toyota and Honda all car plants in England, set up largely for export to the EU.
The leaders say they could slow investment in Britain or the pause after the income Brexit n We have no other choice but to be more careful with our investment decisions, including movements like whether to produce a new vehicle model or redesigned significantly in the UK, said an executive Asian carmaker with the manufacturing capacity in Britain, on condition of anonymity.
The big issue for automakers is that kind of trade agreements with the EU would be negotiated is the great unknown, a second executive at a global automaker said.
Exports from Britain to the EU are currently duty free and Toyota duties Monday warned its employees that the EU UK withdrawal can lead to withdrawals of up to 10 percent on cars it builds in Britain.
Toyota produced about 190,000 cars in the U K last year that 75 percent went to the EU only 10 percent was shipped and sold in Britain.
Nissan, the second largest car manufacturer in the UK, declined to comment Nissan has been in Britain for three decades and built 475,000 cars a year in the country, most of them for export to the EU Sunderland in northern England, where Nissan has its activities, was among the districts that surprised the experts by voting for Brexit.
Honda said it will closely monitor developments and continue to prepare for the launch of production of the new Civic in Honda's British factory produces about 140,000 vehicles a year, including the crossover SUV CR-V and the Civic sedan at its Swindon factory, near London half of its production is exported to the EU.
The UK is the largest export market for German car manufacturers, said Matthias Wissmann, head of the VDA, politicians must now work of the association of European countries in the automotive industry to maintain the duty-free trade rights between the EU and the U K said.
Half of the 2 6 million annual sales new car UK are built by companies owned by Germans and Germany exports about 810,000 per year passenger cars in Britain, Wissmann said that about 57 percent of June 1 million cars built in the UK in 2015 were exported to EU countries and the German automobile industry has 100 production sites in Britain, including suppliers, 30 percent more that in 2010, according to the VDA.
Volkswagen Group said it is too early to assess the impact of the vote on his Bentley brand U K-based ultraluxury or sales in its second largest European sales market after Germany.
Daimler CEO Dieter Zetsche said he did not expect any impact on the Mercedes-Benz car manufacturer It is not a good day for Europe, and in my opinion, certainly not in the UK , he said in an emailed statement Geographically, the country can be an island; politically and economically, is not even more essential that Europe does not continue to drift further away.
The Automobile Association of South Korea said he feared a departure could revive a tariff of 10 percent on exports of passenger vehicles in the United Kingdom, unless a similar agreement with the EU-Korea trade pact is negotiated It inevitably would undermine the price competitiveness of south Korean automakers UK, in contrast to its Japanese and German rivals that have production bases there, said Kim Tae-nyen, vice president of the Association Korean automakers.
Hyundai said in a statement that it will closely monitor the impact of the result of the referendum Brexit on the global economy and financial markets and react accordingly.
Evercore ISI financial analysts today reiterated his warning that Brexit hit U K and Europewide sales of cars, and the production.
Evercore expects car sales falling off 4 UK 5 percent this year as economic uncertainty, instead of its prior forecast Brexit growth of 3 percent and will drop 10 percent next year, which leads to February 1 5 percent drop in European production in 2017.
Brexit could reduce the benefit of the automaker more than 8 billion euros 8 9 billion, said Evercore head of automotive research Arndt Ellinghorst The UK is one of the strongest and the EU's most profitable markets for new cars, Ellinghorst said in a note to investors.
Christiaan Heztner Nick Gibbs and Hans Greimel of Automotive News and Reuters contributed to this report.
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