Mar 7, 2017
Is 'hard Brexit' an opportunity for carmakers?
Carlos Tavares suggests that with potentially high tariffs in Europe, where carmakers could be forced to pay taxes on exports and imports to and from the European Union, it could become more cost-effective to have manufacturing plants in Britain to supply parts for UK-made cars. Is the UK car market big enough to support its own components industry? Although the UK is the third largest car producer in the European Union, after Germany and Spain according to the European Automobile Manufacturers Association, the vast majority of vehicles it makes are exported, while 86% of newly registered vehicles in the UK last year were imported. Of the 1.72 million cars made in the UK last year, 1.35 million were shipped overseas. In terms of British-made components, steps have been taken in recent years to increase the number used in UK cars which, on average, are made-up of 6,000 parts.
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