European car industry warns of 'catastrophic' no-deal Brexit

  • 📰 CTVNews
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 99%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Europe's leading automotive trade groups joined forces Monday to warn about the “catastrophic” consequences of a no-deal Brexit.

Europe-wide industry groups and 21 national auto associations, including Britain's Society of Motor Manufacturers and Traders, said new tariffs on cars and vans could cost the EU/U.K. industry 5.7 billion euros if Britain departs the European Union without an agreement.The U.K. is due to leave the EU on Oct. 31, and British Prime Minister Boris Johnson has said it will do so come what may.

The auto industry, including associated suppliers, is a European success story, producing a little more than 19 million vehicles a year and employing nearly 14 million people. Key to the industry's success in the past few years has been the ability of firms to seamlessly operate and source across the EU's single market - the so-called just-in-time operating model.

The automotive industry groups said the cost of just one minute of production stoppage in the U.K. amounts to 54,700 euros .

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in İE
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Strange how our media can't seem to find anything good to say about Brexit . I wonder why. If Turdeau actually knocks the hell out of Bell's cell phone income maybe you'll change your ways.

there will be no catastrophe. relax. all will be well.

Ireland Ireland Latest News, Ireland Ireland Headlines