Jaguar is Threatening to Cancel 80 Billion of Investments by Brexit. Automaker Jaguar is threatening to scrap 80 billion pounds of investments in the United Kingdom (UK) if no agreements are made about a way to the European market at a British departure from the European Union.
The automaker, the largest in the UK, urgently needs certainty to continue funding in the UK market. The group also emphasises the interests of suppliers, customers and the 40,000 British employees.
Ralf Speth, CEO of Jaguar Land Rover Automotive, explains that the car manufacturer belongs in the UK.
“But our partners in the production chain and we are facing an unpredictable future if the Brexit negotiations do not provide free and frictionless trade with the EU and access to the internal market.”
“A bad Brexit would save Jaguar Land Rover more than 1.2 billion pounds a year in profits, which would allow us to adjust our spending pattern drastically.”
In the last five years, Jaguar has invested 50 billion pounds in the United Kingdom.
Jaguar depends on exports. Around 80 per cent of cars sold in 2017, 621,000, went abroad. The mainland of Europe is the largest buyer with a share of 20 per cent in sales.
Also, more than 40 per cent of the imported parts of the European mainland.
Indian Tata Motors has owned Jaguar Land Rover since 2008. Also issued a press statement on Thursday, an emphasis that the British departure from the EU yields, more bureaucracy and that the uncertainty of Brexit can be avoided.