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News and views from the automotive industry.

Brexit – was the automotive industry in or out?

An independent poll of the automotive industry was carried out before the referendum on Britain’s involvement in the European Union (EU). The Society of Motor Manufacturers and Traders (SMMT) commissioned the survey of its members to find out whether they wanted Britain to remain or leave the EU – with the findings published in March.

The key results:
  • 77% said a remain outcome would be best for their business
  • Only 9% said leaving would be best and 14% didn’t know
  • 88% of large automotive companies wanted to remain
  • 73% of SMEs also said remain would be best for them.

 

Download our latest FREE eBook – Brexit and the automotive industry – to learn more about the SMMT poll and wider industry reaction to Brexit.

 

What did car makers have to say after Brexit vote?

AutoCar recently spoke to motor manufacturers to find out what they had to say on Brexit (read the full article here). While the majority did not welcome the uncertainty surrounding the vote to leave, they did say there would be “no immediate change” and it would be “business as usual”.

Many of the manufacturers said they “respect the decision of the British people” while others claimed they will “closely monitor and analyse the impact” and “take whatever action is needed” to remain competitive and profitable.

There was consensus a “period of uncertainty” would follow the vote, with the National Franchised Dealers Association (NFDA) calling on Government to “swiftly negotiate a trade deal across Europe and the rest of the world”.

 

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What’s next for the automotive industry after Brexit?

Britain’s new Prime Minister, Theresa May, has said she will follow the wishes of the majority of voters and lead the country out of the EU. However, she has yet to enact Article 50 of the Lisbon Treaty, which sets out how an EU country might voluntarily leave the union. There is no time limit on when Government will trigger the formal process and even then it is widely thought it could be a minimum of two years of negotiations before Britain is out.

During this time, EU legislation still applies, Car Care Plan’s Chief Executive Paul Newton has recently stated. He said: “Until then we would encourage all of our partners, both Manufacturer and Retailer based, to continue business as usual since any EU legislation currently enacted will remain firmly in place until our ‘Brexit’ agreement comes to fruition.”

Read Paul’s full statement in our recent blog: What does the Car Care Plan CEO have to say on Brexit?

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