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Jaguar is afraid of huge losses due to Brexit

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Jaguar is afraid of huge losses due to Brexit
July 05
09:00 2018

Jaguar Land Rover, a British car manufacturer, has warned the authorities about the consequences of the country’s withdrawal from the EU. The concern owned by Tata Motors is trying to warn that Brexit may be a bad idea without having access to a single market.

CEO of Jaguar believes that if the conditions regarding Brexit are not profitable enough, the company will lose about 1.5 billion pounds a year. Ralf Speth noted that the concern would have to completely reconsider its policy regarding expenses. “In the last 5 years, we have spent about £ 50 million, and over the next five years we are planning to spend even more – 80 million. If we don’t get good conditions, then all our investments will be threatened.”

Despite the fact that Jaguar belongs to an Indian company, its roots are in the UK. If the manufacturer does not receive free access to the European market as a result of Brexit, then its future will be unpredictable. Free trade with the EU is the only way to keep the company alive. In addition to the finance, about 40,000 job opportunities in Britain would then be in jeopardy.

Earlier, other companies – Airbus and BMW – expressed their view about a cessation of the production in the territory of the United Kingdom. It seems that the idea of the withdrawal from the EU should be through as carefully as possible, otherwise economic consequences may arise.

 

The material was prepared with the participation of Anjela Chromova,
a leading analyst of the brokerage company CT Trade

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