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Home Around-the-World Brexit May Cost Auto Industry 11 Billion Euros, BMW Cautions

Brexit May Cost Auto Industry 11 Billion Euros, BMW Cautions

unless cross-border trade remains tariff-free and unbureaucratic, Britain’s separation from the European Union could cost carmakers and suppliers up to 11 billion euros

BMW Chief Financial Officer Nicolas Peter gave the warning told during a virtual roundtable discussion with journalists on Thursday.

According to him, BMW has spent a low double-digit million euro amount this year to prepare for Brexit.

“The auto industry association ACEA has estimated that it could cost carmakers and suppliers 10 to 11 billion euros,” Peter said.

“We need tariff-free trade. And even then, it needs to be seamless. We have a just-in-time manufacturing system so the administrative processing at customs needs to be efficient.

He admonished Britain to continue to keep pace with European Union emissions requirements so that carmakers can offer the same cars in all European markets.

“Strong demand for electric and hybrid cars,” Peter added, “has helped BMW stay ahead of projected fleet emissions reduction targets for 2020.”

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