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Carmakers Assess Next Steps as U.K. Leaves EU
Carmakers are deciding if and when to take action in the wake of the U.K.’s narrow vote on Thursday to quit the European Union.
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Carmakers are deciding if and when to take action in the wake of the U.K.’s narrow vote on Thursday to quit the European Union.
Manufacturers earlier warned that an exit could hurt sales in the Europe’s second-largest car market after German, and reduce their future investment plans for England.
Analysts say car sales in the U.K., which began to plateau earlier this year after record new-car registrations of 2.6 million units in 2015, are likely to shrink.
Members of Britain’s Society of Motor Manufacturers and Traders had favored remaining in the EU by a 77% margin. The trade group, like many carmakers, is urging the British government to maintain economic stability in part by quickly securing tariff-free access to the EU and other global markets.
Foreign carmakers with production facilities in England, largely to make vehicles for export, include:
- BMW (Mini and Rolls-Royce cars)
- Ford (engines and transmissions)
- Honda (Civic sedans and CR-V crossovers)
- Nissan (Leaf electric sedans, Juke and Qashqai crossovers, Infiniti Q30 small sport sedans and Note small cars)
- Tata Motors (Jaguar cars and Land Rover SUVs)
- Toyota (Auris small hatchbacks and Avensis large sedans)
- Volkswagen (Bentley luxury cars)
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