Tag: Brexit

PSA may still close a UK Vauxhall factory post-Brexit

Previously, PSA Group CEO Carlos Tavarez stated that the Ellesmere Port plant must close the cost and quality gap between it and its European equivalents if it’s to survive. Speaking at the 2018 Geneva motor show, Tavares highlighted that the PSA Group’s plants, including those that came as part of the Opel and Vauxhall acquisition, will all have… Continue reading PSA may still close a UK Vauxhall factory post-Brexit

‘Insane’ for UK and EU to harm border trade, McLaren CEO says

Confident of Brexit deal, McLaren CEO says
1 Hour Ago | 02:21

The chief executive of British sports car maker McLaren Automotive has told CNBC that it would be “insane” for the United Kingdom and European Union (EU) to fail to agree a deal on Brexit.

Mike Flewitt said he spoke to U.K. Prime Minister Theresa May on a conference call two weeks ago and he is confident that a withdrawal deal will be done. How to maintain the frictionless movement of goods between Ireland and Northern Ireland after Brexit remains a sticking point in negotiations. However, the supercar executive warned that any outcome that slowed the cross-border movement of goods would be hugely damaging.

“It would be insane, both for the EU and for the U.K. to run into a situation where we're affecting imports and exports through that period,” he said, before adding “We shouldn't let ourselves run into a problem like that in this day and age, it would be crazy.”

Flewit stressed that he was not only talking about disruption to the automotive industry.

“Think of food stocks and livestock and anything that's coming across borders being delayed (that) would be a real problem so I'm in the camp of optimists who think we'll find a way through,” he told CNBC's Julianna Tatelbaum at the firm's headquarters just outside London.

McLaren officially opened a new composite factory in northern England on Wednesday, allowing it to directly design and build the carbon chassis of its cars in the United Kingdom. The McLaren Composites Technology Centre (MCTC) has been completed thanks to a £50 million ($64.6 million) joint investment with Sheffield City Council.

Flewitt said that decision, while not Brexit related, would help the car maker's control over manufacturing as it moved more production “onshore.”

“It actually moves our U.K. content up from around about 50 percent to the core by value, closer to 60 percent,” he added.

Trade war

Trade war is hurting China, McLaren CEO warns
1 Hour Ago | 00:55

The McLaren leader described the North American and Chinese markets as both “incredibly” positive despite evidence the trade war effect was starting to erode confidence among Chinese customers.

He said there was no such problem in the United States, even though a level of unpredictability surrounded Washington policy. “Demand has been very positive and is growing in North America. There is a degree of confidence around the economy,” he said.

Flewitt said sales in the Middle East had lagged in 2018, while in Europe most good news was coming out of Germany, Switzerland, and the U.K.

The volume of autos sold by McLaren in 2018 is tipped by the chief executive to be a little over four-and-a-half thousand cars. The latest model to hit showrooms is the McLaren 600LT which is considered an entry-level model at £185,000 ($239,000).

Ineos to shun Teesside with car plant that would have created hundreds of jobs, reports say

Chemicals company Ineos has decided against building its first cars in the North East in favour of a plant in Bridgend, according to reports by the FT. Ineos CEO Sir Jim Ratcliffe revealed last year his intentions to build a new off-road vehicle in the UK, and Teesside officials had hoped that the cars would… Continue reading Ineos to shun Teesside with car plant that would have created hundreds of jobs, reports say

Exclusive: Bentley warns worst case no deal Brexit would hit profitability, investment

LONDON (Reuters) – The boss of carmaker Bentley said failure to reach a Brexit deal would be quite damaging to annual profit in the worst case scenario, limit the company’s ability to invest and could lead to its plant closing for an additional few days. The Bentley logo is pictured on the company’s’ stand during… Continue reading Exclusive: Bentley warns worst case no deal Brexit would hit profitability, investment

Ford plant line to shut for five days

Staff at Ford’s plant in Bridgend working on the new Jaguar engine have been told not to come into work for five days. The AJ production line at the plant will shutdown from 29 October to 2 November, the GMB union confirmed. Letters were sent to directly staff this week without informing union officials in… Continue reading Ford plant line to shut for five days

Dealers buy lower grade vehicles at auction to counter shortages

Dealers are buying lower grade used car stock at auction because of stock shortages and high demand for the best vehicles. That’s the view of the Vehicle Remarketing Association (VRA), which said dealers who would normally only acquire grade one or two cars were settling for grade three vehicles and then spending money on refurbishment.… Continue reading Dealers buy lower grade vehicles at auction to counter shortages

Uniti One electric car production planned for the UK in 2020

The pilot plant is predicted to create 100-150 jobs within Uniti, a number that will increase once partners supporting the production ecosystem are taken into account. Uniti has ambitions to become a “major player” in the British EV market over the next few years and plans to establish a London office that will ensure the necessary… Continue reading Uniti One electric car production planned for the UK in 2020

News – Brexit countdown: the clock is ticking, but it is not yet too late to avoid the worst-case scenario!

As everyone is all too aware, the date for Brexit is just around the corner and a withdrawal agreement is yet to be concluded. Without an agreement on the withdrawal of the United Kingdom from the European Union, there simply can be no negotiations on the nature of the future trading relationship. Nor will there… Continue reading News – Brexit countdown: the clock is ticking, but it is not yet too late to avoid the worst-case scenario!