According to Jaguar Land Rover, a bad Brexit deal will end up eating into the company's profits by as much as £1.2bn annually. This would be in jeopardy should the company be faced with the wrong outcome.
Jaguar Land Rover, which was bought by Tata a decade ago and employs more than 40,000 people in Britain, told the government on Wednesday that it wanted more clarity over the country's future relationship with the European Union before...
On Friday, prime minister Theresa May is to meet her cabinet ministers to decide on a strategy for exiting the European Union and, because of the uncertainty surrounding the process, the meeting's outcome is seen as critical.
JLR chief executive Ralf Speth called on the Government to urgently provide certainty for business including guaranteed tariff-free access and frictionless trade with the EU.
A Brexit arrangement that doesn't ensure full, tariff-free access to the European Union's single market will be highly costly to the United Kingdom's largest auto maker, he said.
"If we do not have a customs union, there are sectors of manufacturing society in the United Kingdom which risk becoming extinct", said Paul Drechsler, president of the Confederation of British Industry.
After the warning from Speth, Unite trade union general secretary Len McCluskey said the government was indulging "narrow, extremist views" above the future of manufacturing jobs.
In 2017 the company sold 621,000 cars, with 80% of them going to 130 countries.
It also comes less than a month after Jaguar Land Rover, based in the West Midlands, central England, promised to retool its Solihull plant near Birmingham for a new generation of electric cars.
Speth added: "Electrification and connectivity offer significant economic and productivity opportunities - get Brexit wrong and British people, businesses and broader society lose the chance to lead in smart mobility".
At the beginning of the year, JLR said it would cut production at its plant in Halewood, Merseyside, where it builds three of its Range Rover models.
Jaguar Land Rover isn't on board with a "no-deal" Brexit, and they're making plans to leave if that happens (just like Airbus and BMW).
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