The UK’s Society of Motor Manufacturers and Traders is tasked with, according to the SMMT, promoting “the interests of the UK automotive industry both at home and abroad.”
Prior to the June 23 Brexit vote for the United Kingdom to leave the European Union, the actual SMMT insisted that voting “remain” was critical to the UK automotive industry. Brexit could jeopardise jobs, automakers were in agreement that remaining had been important, and directed to the UK’s 800,000 auto business jobs and its 15.Five billion contribution towards the economy as reasons to stay in the European Union.
But the Brexit vote to leave, led largely by UKIP’s Nigel Farage, produced a 52 % in favour result, a margin associated with victory valued at One.27 million ballots. Conservative Prime Minister David Cameron will resign. Economic indicators, predicted to stabilize, rode a whirlwind overnight. Says the SMMT’s Mike Hawes today: “Government must right now maintain economic stability and secure a deal with the EU that safeguards UK automotive interests. This includes securing tariff-free access to European along with other global markets.”
Securing such a deal will not be simple or quick, neither will subsequent free trade deals with additional nations be instantly forthcoming. The actual Brexit procedure will be very long. Britons’ European union passports didn’t automatically combust early this morning.
In the meantime, therefore, much will continue as always. The UK automotive industry will continue to build vehicles and send all of them tariff-free to other EU countries because, for now, the united kingdom is still part of the European union. British-built cars and SUVs will continue to be shipped to North America under existing rules and regulations, as well.
And that cars and Sports utility vehicles are those? These are all of the?volume British brand vehicles sold in The united states through the first 5 months of 2016.
Source: BMW USA, Jaguar-Land Rover, ANDC, WSJ
– Mini Cooper breakdown through variant
? ANDC estimate