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Sina American Stock News Beijing time, 23 news, less than six weeks before the deadline for Britain to leave Europe, European Union automakers warned that no agreement to leave Europe will have disastrous consequences for the industry.
Mike Hawes, CEO of the British Association of Automobile Manufacturers and Traders (SMMT), said: "A non-agreement exit would immediately have a devastating impact on the industry, weakening its competitiveness and causing irreversible and serious damage." More than 20 EU trade organizations joined his statement.
Over the past few decades, EU automakers have developed supply chains that depend on the smooth flow of goods across the alliance. Each vehicle is built with about 30,000 parts, many of which need to cross the border. The end of barrier-free trade will disrupt these instant operating modes, with an estimated loss of 50,000 per minute of shutdown in the British automotive industry alone.
The trade groups said that if Britain did withdraw from the EU, British automakers would no longer be parties to the EU trade agreement and would lose preferential arrangements with 30 countries, including Turkey, South Africa, Japan and South Korea. In addition, they warned that imposing World Trade Organization (WTO) tariffs could increase the cost of automakers by 5.7 billion euros ($6.3 billion).


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