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The UK votes for Brexit and it will impact automakers

It's the first morning after the United Kingdom voted for what's become known as Brexit – that is, to leave the European Union and its tariff-free internal market. Now begins a two-year process in which the UK will have to negotiate with the rest of the EU trading bloc, which is its largest export market, about many things. One of them may be tariffs, and that could severely impact any automaker that builds cars in the UK. This doesn't just mean companies that you think of as British, like Mini and Jaguar. Both of those automakers are owned by foreign companies, incidentally. Mini and Rolls-Royce are owned by BMW, Jaguar and Land Rover by Tata Motors of India, and Bentley by the VW Group. Many other automakers produce cars in the UK for sale within that country and also export to the EU. Tariffs could damage the profits of each of these companies, and perhaps cause them to shift manufacturing out of the UK, significantly damaging the country's resurgent manufacturing industry. Autonews Europe dug up some interesting numbers on that last point. Nissan, the country's second-largest auto producer, builds 475k or so cars in the UK but the vast majority are sent abroad. Toyota built 190k cars last year in Britain, of which 75 percent went to the EU and just 10 percent were sold in the country. Investors are skittish at the news. The value of the pound sterling has plummeted by 8 percent as of this writing, at one point yesterday reaching levels not seen since 1985. Shares at Tata Motors, which counts Jaguar and Land Rover as bright jewels in its portfolio, were off by nearly 12 percent according to Autonews Europe. So what happens next? No one's terribly sure, although the feeling seems to be that the jilted EU will impost tariffs of up to 10 percent on UK exports. It's likely that the UK will reciprocate, and thus it'll be more expensive to buy a European-made car in the UK. Both situations will likely negatively affect the country, as both production of new cars and sales to UK consumers will both fall. Evercore Automotive Research figures the combined damage will be roughly $9b in lost profits to automakers, and an as-of-yet unquantified impact on auto production jobs. Perhaps the EU's leaders in Brussels will be in a better mood in two years, and the process won't devolve into a trade war. In the immediate wake of the Brexit vote, though, the mood is grim, the EU leadership is angry, and investors are spooked.

Race Recap: 2015 Hungarian Grand Prix is Magyar for 'What a race!'

Every driver on the Formula 1 grid dreams of taking home the silverware, but only one driver each year can do it. Barring disaster in 2015 it looks like it's going to be Lewis Hamilton. The Brit has been so dominating at the front of the grid on Saturday, we can't see how he'll miss out on winning the second annual FIA Pole Position Trophy. That's the accolade introduced last season in another manufactured attempt to give drivers something to work for on Saturday, since the FIA felt leading into the first corner didn't have the pull it used to. Hamilton took his ninth pole of the season in Hungary for Mercedes-AMG Petronas with a crushing lap that put him almost six tenths ahead of his teammate Nico Rosberg in second. All Hamilton needs is one more spot at the top of the grid this season, and he's the Pole Position trophy winner. Thrilling stuff. Behind Rosberg the gaps stayed smaller, Sebastian Vettel in the Ferrari a little more than a tenth behind Rosberg, Daniel Ricciardo in the Infiniti Red Bull Racing less than four one-hundredths behind Vettel. We feel almost as vexed watching Kimi Raikkonen as he feels driving – he's finally got a good Ferrari, now he can't get a good weekend. The front wing broke on his car in Free Practice 1, then a water leak in Free Practice 3 robbed him of setup time on the soft tire. He lines up in fifth about two tenths behind Ricciardo. The slow, tight Hungaroring didn't agree with the Williams chassis, Valtteri Bottas the first of the Grove team drivers in sixth, his teammate Felipe Massa two places back. Between them is Daniil Kvyat in the second Red Bull in seventh. Teenager Max Verstappen put in a good showing in the Toro Rosso to grab ninth, while Romain Grosjean in a wriggling, squishy, sliding Lotus classified his appearance in Q3 at all as "a miracle." As for the race that followed, we don't expect to see another like it for a long time – it was the real thrilling stuff, one shock after another. The drama began after the first parade lap, when Felipe Massa lined up out of position and the start was aborted. The drivers did another parade lap, then lined up with everyone in place. Mercedes got swamped as soon as the lights went out. Vettel ran around both of them and led the race into the first turn, Raikkonen had come from fifth to third by Turn 1, then got the inside line on Rosberg through Turn 2 to take second place.

McLaren to unveil 'latest competition car' at Goodwood Festival of Speed

One of the very best automotive events of the year kicks off next week in England – the 2014 Goodwood Festival of Speed. Manufacturers from around the globe will descend on the Earl of March's estate in West Sussex to display their wares, while some of the world's greatest cars will streak up the estate's 1.16-mile Hillclimb Circuit. Goodwood isn't just a place to see high-performance cars run up a driveway, though. Manufacturers often use the the event as a debut location for some of their sauciest road cars and newest racers. This year, that will include McLaren, which has announced that, in addition to demonstration laps from former Formula One World Champion Jenson Button as well as runs in a one-off 650S and P1, an all-new competition vehicle will make its debut. While we were holding out hope for the debut of the P1 GTR, the more likely case indicated by the teaser sketch, shown above, is that we'll see the successor to the 12C GT3 racer, the 650S GT3. Like its predecessor, the 650S GT3 will likely take part in the FIA's GT3 and GT1 championships, alongside the likes of Ferrari, Mercedes-Benz, Aston Martin and BMW. We'll have all the details on the 650S GT3 when it makes its debut on Friday, June 27. Meanwhile, keep an eye open for Goodwood content, as the festival kicks off on June 26 and runs through June 29. Take a look below for the official press release from McLaren. McLAREN AT GOODWOOD 2014 The arrival of summer in the UK means it's Festival of Speed time again, and McLaren Automotive is gearing up for what promises to be another great weekend of cars and stars at Goodwood. As an official partner of this world-famous annual event, McLaren will have a major presence in Lord March's country park over the course of the weekend and will be following the Festivals theme of 'Addicted to Winning'. We have something particularly special in store – for the first time, we will be unveiling a new model at the Festival as McLaren GT uncover their latest competition race car. Our exhibition stand, which proved such a draw in 2013 as we showcased the then-new McLaren P1™, will once again be a key attraction of the weekend. We will be located to the right of Goodwood House this year, near the TAG Heuer Drivers' Club Walkway, so it's a great place to look out for famous faces. The McLaren 650S will be on display making its Festival of Speed debut having been revealed at the Geneva Motor show in March. The McLaren P1™ will also be present.