Brexit could cost the auto industry up to 11 billion euros

Britain’s exit from the European Union could cost automakers and their suppliers around 11 billion euros, warned the chief financial officer of German luxury car maker BMW, Nicolas Peter.

BMW has spent a double-digit million this year to prepare for Brexit, Peter said.

“The automotive industry association ACEA has estimated that car manufacturers and suppliers (Brexit) could cost between 10 and 11 billion euros,” said Peter.

“We need duty free trade. Even in that case, it should go smoothly. We have a tightly harmonized production system, which means that administrative processing at customs must be efficient, ”added Peter.

In addition, the United Kingdom should continue to monitor the EU requirements on emissions, so that manufacturers can offer the same cars in all European markets, emphasized the financial director of the German company.

Strong demand for electric and hybrid cars has helped BMW achieve the planned emissions reductions in its fleet by 2020 and before its end, Peter said.


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Source: AutoBlog by

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