Auto Industry: No-Deal Brexit and Customs Checks

auto industry: Aston's plan to float on the London Stock Exchange comes as much of Britain's auto industry has sounded the alarm over the potential impact of tariffs and customs checks on their business post-Brexit, according to The Guardian. BMW, which makes the Mini, has warned that a no-deal Brexit could force UK plant closures; Jaguar Land Rover, which employs 40,000 people in the UK, has also raised concerns, saying a bad Brexit deal would threaten 80bn worth of investment plans for the UK and might force it to close factories. The carmaker wants to sell at least 25% of its shares to City investors, valuing it at about 5bn, before Britain leaves the EU next March. So why does Aston Martin think it can dodge the Brexit flak and secure City backing Andy Palmer, the company's chief executive, said I'm not advocating Brexit, trade wars or tariffs. The big difference between us and, let's say, Toyota is that around 25% of our production goes to the EU. Almost all their cars made here are for export to the EU. Pointing to sterling's woes since the referendum, he added Also, a weak pound is good for exporters like us. But you have to assume it's going to happen. (news.financializer.com). As reported in the news.