Consequences of “hard” Brexit will be devastating for European carmakers
The dire consequences of a "hard" Brexit for European carmakers have been announced by the British Society of Automobile Manufacturers and Sellers. More than 20 groups across the region have called for more than 20 groups across the region to prevent such a Brexit scenario. Industry representatives fear that the lack of an agreement will have a catastrophic impact on the sphere. The competitiveness of European car manufacturers will be weakened as supply chains, which have been created for decades through the free movement of goods across the European Union, will be disrupted. Losses from one minute of stopped production in the UK will cost about 62.5 thousand dollars. EU trade deals will take place without the participation of British car manufacturers. Automotive companies' spending will rise by 5.7 billion euros after the Introduction of World Trade Organization duties. British car companies have warned that if there is no Brexit deal they will reschedule their production. The UK car industry is experiencing the longest period of production decline since 2001, with the 14th consecutive month falling in July. In the first six months of the year, investment in the British automotive sector fell by more than 70%.