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Honda, Nissan, Toyota to Meet Top U.K. Officials about Brexit
Representatives from Honda, Nissan and Toyota are to join other Japanese investors in a meeting today with the U.K.’s top officials to discuss the impact of England’s departure from the European Union next year.
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Representatives from Honda, Nissan and Toyota are to join other Japanese investors in a meeting today with the U.K.’s top officials to discuss the impact of England’s departure from the European Union next year.
The group is meeting with Prime Minister Theresa May and Finance Minister Philip Hammond. Other Japanese attendees will represent investments in such sectors as banking, pharmaceuticals and technology sectors, according to May’s office.
The three Japanese carmakers operate facilities in England that account for nearly half the country’s annual output of cars, most of which are exported to Europe. The cost of continuing those shipments after the U.K. exits the EU remains unclear as May’s government debates post-Brexit trade policy.
Without new trade deals, cars exported from the U.K. to Europe could face customs delays and tariffs equal to as much as 10% of their value.
Reports in 2016 indicated that the British government told Nissan it would help support the competitiveness of the carmaker’s huge production complex in Sunderland, England. In exchange, Nissan pledged to build its next-generation Qashqai crossover vehicle and X-Trail SUV at Sunderland.
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