The European automobile sector has warned a no-deal Brexit would cost the industry billions and have a devastating and irreversible effect across the continent. In an article for Automotive News, which is published by Germany’s Auto Bild, BMW chief executive Harald Krueger said that if Britain leaves without a deal, it could lead to “significant disruptions” in its Just a one minute shutdown of automotive production in the UK would cost €54,700 ($60,000), the statement claimed, while customers would also experience a loss of choice.
The European automobile sector has warned a no-deal Brexit would cost the industry billions and have a devastating and irreversible effect across the continent. The European Automobile Manufacturers' Association, the European Association of Automotive Suppliers and 17 national groups issued a joint statement about the situation, claiming consumers would suffer from a "seismic shift" if the UK leaves the EU on World Trade Organization rules, which impose a 10% levy on cars. Just a one minute shutdown of automotive production in the UK would cost €54,700 ($60,000), the statement claimed, while customers would also experience a loss of choice.