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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.

Magna Steyr to assemble as many as 70,000 BMW 5 Series models yearly

Soon, not all BMW 5 Series models will be assembled by BMW. Yes, we know that sounds strange, but it's not at all uncommon. For instance, the Mini Paceman and Countryman hatchbacks – and remember, the Mini brand is owned by BMW – are assembled in Graz, Austria, by Magna Steyr, a company that specializes in building cars for other automakers. Soon, though, the contract Mini has with Magna Steyr will be coming to an end, and that means the Austrian company will have excess capacity on its hands. That production capacity will be filled soon enough, however, by BMW 5 Series models, according to a report from Automobil Produktion in Germany. Magna Steyr will build between 50,000 and 70,000 of BMW's mid-level model, according to the report, but there's no indication of which 5 Series model or models (and there are many shapes and sizes to choose...) will be moved to Austria from BMW's plant in Dingolfing in southern Germany. With 373,053 units sold in 2014, the 5 Series is BMW's second-most-popular model, after the 3 Series. BMW told Automotive News Europe that it doesn't comment on those kinds of reports, which, as is usually the case, is neither confirmation nor denial. It's worth noting that the two-door Mini Paceman isn't a part of the brand's plans moving past 2015, though the Countryman soft-roader that currently stands as the largest member of the automaker's family will soldier on. Related Video: Related Gallery 2014 BMW 5 Series sedan View 29 Photos News Source: Automobil Produktion via Automotive News Europe - sub. req.Image Credit: Markus Leodolter / AP Plants/Manufacturing BMW MINI Hatchback Wagon Luxury Performance Sedan austria

Spectre Type 10 is a 230-hp, $180,000 mid-engined Mini restomod

Restomodded classic Minis are nothing new, right? A number of reworks swap the original 1.3-liter engine, Honda's VTEC K20 four-cylinder being such a popular replacement that Mini Mania makes a complete swap kit, but the 1.0-liter Ford EcoBoost gets love, too. Some mods replace the engine and move it behind the front seats, a popular option when using the four-cylinder from a Suzuki Hayabusa motorcycle. Some restomods don't do any of that, but just overhaul everything and charge a lot for it, like the David Brown Automotive Mini Remastered that costs around $100,000. As caught by Carscoops, Spectre Vehicle Design out of Vancouver, Canada has done all of the above with its Type 10 Mini restomod, raising the bar for conversions into another dimension. There will only be ten of the Launch Edition Type 10s, and about the only original part left from an original donor hatchback will be the bodyshell. These will be sourced in the same state as the buyer's residence in order to ease the process of vehicle registration. Into that bodyshell, the small Canadian team of enthusiasts has placed a Honda K20 mill with a Haltec engine management system behind the front seats. Shifted through a six-speed gearbox, we're told VTEC kicks in with 230 horsepower at the rear wheels, shunted through a limited-slip differential. In a vehicle reported to weigh 1,700 pounds wet, we're talking serious shove. Committed to keeping the Mini's ten-inch wheels, Spectre designed a new trailing arm suspension to make the package work. Those wheels are three-piece, six-inch-wide, CNC'd aluminum units with staggered offsets and directional spokes to usher hot air away from the four-piston disc brakes.  The cabin looks like a Japanese-infused Mid-Century modern living room, given a touch of carbon fiber and Monica Bellucci. Creative Director Marco Lii patterned the seating aesthetic off a genkan, the foyer area in a Japanese home where one removes ones shoes. The genkan floor is often recessed in relation to a home's main floor, and so it is here in the Type 10. There's a tatami-like mat on the cabin floor, the two interior seats placed on a dais a level above that. The copious light wood and leather interior with chrome accents is understated and gorgeous, everything so well integrated that it takes a moment to recognize the full-cabin roll cage wrapped in stitched leather. The padded center armrest on thin chromed legs looks like a piece in a high-end furniture store.