The automotive sector is unlikely to get any special treatment from Europe after Brexit. Chancellor Angela Merkel says the car industry as vulnerable to any British attempt to strike market-access deals ahead of the UK's exit from the European Union. In a closed-door meeting with German lawmakers, Merkel said some industries might press for such … [Read more...]
Car makers want best deal for UK after Brexit
The Society of Motor Manufacturers and Traders hosted a roundtable discussion chaired by David Davis, Secretary of State for Exiting the European Union, on the future for the UK automotive sector following Brexit. The event took place at SMMT’s headquarters in London and was also attended by John Hayes, Minster of State, Department for Transport and Nick … [Read more...]
Newslines 22 November
The UK Government and Nissan look to be in the clear over their discussions for a Brexit agreement. European Competition Commissioner Margrethe Vestager said a preliminary enquiry had not raised EU concerns but more details would be required. Britain’s car parking spaces are too small to cope with consumers’ love affair with big family SUVs, leading to … [Read more...]
Status quo shouldn’t rock the boat
Japanese car markers want to maintain the current business environment and the alleviation of the impact of any radical changes so that the UK remains an attractive destination for doing business, says leading automotive economist Prof Garel Rhys. The “alleviation” includes Government compensation for any tariff imposed on its vehicles exported to the EU … [Read more...]
Nissan demand protection from UK Brexit deal
Nissan want tariff protection compensation for any eventual trade costs resulting from Britain's exit from the European Union before committing to more investment in its UK plant, said CEO Carlos Ghosn. Nissan is due to make a decision early next year on where to build the next Qashqai SUV - long before the terms of Brexit are likely to be known. "If I … [Read more...]
Britain’s automotive industry is booming
The automotive industry is firmly anchored in Britain and economics and efficiency will not see it bolt to the continent as Britain negotiates its exit from the EU. Vehicle manufacturers were well on the road to recovery after the slump of 2009 and many were now heading towards record production while efficiency levels are the best in Europe. Some car … [Read more...]
Used cars’ value bounces back after Brexit vote
Used car values bounced back in July from a marginal dip in June, according to BCA. The data shows an 8.2% increase in average values year on year, with the headline figure up £635. Month on month there was a 1.7% increase in the headline average value of a used car. Whilst model mix and seasonal variations will have a part to play, the headline … [Read more...]
Brexit boost to used car sales
The decision to leave the EU could provide a boost to the used car sector at the expense of new car sales, predicts Startline Motor Finance. The company believes that the economic conditions already resulting from Brexit – especially the weaker pound and higher cost of capital – will make it very difficult for motor manufacturers to continue offering the … [Read more...]
Q4 here for Brexit backlash – if it comes at all
The UK's decision to Brexit probably won't materially start to affect the UK used car market until the fourth quarter of 2016, say Glass's. The motor industry data market leader is forecasting that it will take at least this long for the initial impact of Brexit to start to make itself felt. The summer break, which usually signals a quieter period in the … [Read more...]
Pump prices not fuelling EU exit row
A pump price rise has not fuelled the row over Britain voting to leave the EU, says the RAC. RAC fuel spokesman Simon Williams said, “Despite the dramatic fall in the strength of the pound in the aftermath of Britain’s referendum vote to leave the European Union there has not been as big an effect on wholesale fuel prices as might have been expected. This … [Read more...]
