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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.

New Civic, FCA UAW Agreement, Frankfurt | Autoblog Minute

FCA reaches a tentative agreement with the UAW, Honda reveals the all new 2016 Civic, and the Frankfurt Motor Show dazzles us again.Senior editor Greg Migliore reports in the Weekly Recap edition of Autoblog Minute Weekly. UAW/Unions Bentley Honda Jaguar Porsche Tesla Autoblog Minute Videos Original Video FCA porsche mission e civic

Bentley EXP 10 Speed 6 gets positive reactions on auto show circuit

Bentley is in the midst of a world tour with its EXP 10 Speed 6 concept. Unveiled at the Geneva Motor Show last month, the concept subsequently appeared in New York and now in Shanghai, and will stop in the Middle East on its way back home to England. The purpose: to gauge reactions from potential customers. And so far it's reportedly been pretty good. Speaking with Autocar in Shanghai this week, Bentley CEO Wolfgang Durheimer said most of the potential buyers who spoke to the company after seeing the concept have encouraged Crewe to build it. The only adjustments it's been asked to make were to the front end. Those LED ring headlights look interesting, but would be unlikely to make production. And the grille would likely be more swept back than upright. The process is similar to how Bentley is evolving the EXP 9 F crossover concept into the production Bentayga. The company is listening to customers about what they like and don't like, and adjusting accordingly. Of course none of that means that the EXP 10 Speed 6 will actually see production. It would still need the green light from parent company Volkswagen, which has been cutting back on development spending lately. And with the Bentayga yet to reach showrooms, Bentley has its hands full at the moment. But the segment in which this luxury GT would compete – against the likes of Aston Martin and Maserati – is not one where the VW group really participates at the moment. Neither Lamborghini, Audi nor Porsche have a front-engined sports car in this segment, with only Bentley's own Continental GT coming close. The potential to take a slice of a different pie could prove enough to convince the powers in Wolfsburg to sign off on the EXP 10 Speed 6, especially if it can be based on an existing architecture and shared with other divisions. Related Video: