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JLR Chief Warns of “Horrifying” Brexit Outcome
Jaguar Land Rover CEO Ralf Speth says a failure by the U.K. to negotiate a good exit from the European Union would destroy the company’s profits and push it out of the country.
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Jaguar Land Rover CEO Ralf Speth says a failure by the U.K. to negotiate a good exit from the European Union would destroy the company’s profits and push it out of the country.
“It’s horrifying,” he declares. Speth warns that any post-Brexit friction at the border “puts business at jeopardy.”
He says the possibility of tariffs and import delays between the U.K. and Europe would cost JLR more than £1.2 billion ($1.6 billion) per year, wiping out its profits, triggering huge layoffs and forcing the company to move production elsewhere.
The British government insists it will shield the auto industry and others that rely on just-in-time supply chains. But negotiators haven’t yet been able to deliver results to calm increasingly nervous carmakers about the long-term stability of their British operations after Brexit takes effect next spring.
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