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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.

Mini Electric Pacesetter will lead Formula E, hints at future JCW cars

Just a few days ago, Mini teased a wild electric hatchback with pace car-style lights. And just as we expected, it's the new safety car for Formula E. It's called the Mini Electric Pacesetter inspired by JCW, which is a mighty long name for such a little car. It looks like a blast, and although it's not exactly a production car or the direct forebear of a car that will be offered, it does hint that there will be high-performance electric Minis. Don't just take it from us, take it from the man in charge of Mini, Bernd Korber: "But it does reveal one of the directions we could take with the electrification of the JCW brand. For me, the message is clear: Electrification and John Cooper Works are a good fit." Mini made some major modifications to the Pacesetter to get it ready to lead race cars. It weighs 287 pounds less than the Mini Cooper SE that it's based on, giving it a total weight of 2,712 pounds. Much of that weight loss comes from the gutted interior, which now has a welded-in roll cage, race seats and six-point harnesses. While not particularly related to weight saving, the seats also have a neat 3D-printed material for the cushions that can be made in different colors and densities. The electric motor and battery are unchanged at 181 horsepower and 199 pound-feet of torque, but the weight loss means that it hits 62 mph in 6.7 seconds, an improvement of 0.6 over the road car. Handling and braking are upgraded with racing coilovers that have adjustments for compression, rebound, camber and ride height, as well as four-piston brake calipers. Mini John Cooper Works GP forged four-spoke wheels are fitted with 245-mm Michelin Pilot Sport tires. The wider track from the wheels necessitated the unique 3D-printed carbon fiber fender flares. The rear wing, which is similar but not identical to the GP unit, is also made of 3D-printed carbon fiber material. Splitters, side skirts and a large rear diffuser round out the aerodynamic tweaks. The car will make its racing debut at the Formula E event in Rome on April 10. And we hope we won't have to wait too long for an electric John Cooper Works model to reach the public. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

BMW's Connected Drive feature vulnerable to hackers

BMW is working to fix a cyber-security flaw that has left 2.2 million vehicles worldwide vulnerable to hackers. Cars equipped with the automaker's Connected Drive remote-services system are affected, according to the German Automobile Association (ADAC), which first discovered the problem. Researchers found they could lock and unlock car doors by mimicking mobile communications and sending phony signals to a SIM card installed in affected vehicles. An attack could be launched "within minutes" of accessing the system without the perpetrators leaving a trace, according to their report, in part because once they had gained access to the network, the communications were not secure. In response to the security gap, BMW says it has been upgrading software via over-the-air updates over the past week, so no visits to dealerships are needed to remedy the security hole. In fact, owners of affected cars may not have even noticed the updates taking place. The problem affects BMW, Rolls-Royce and MINI vehicles equipped with Connected Drive since 2010. Flaws were first reported to BMW last year by ADAC, which is the country's equivalent of AAA. ADAC says it withheld a public announcement until the car company could address the problem. While BMW has pushed the software patch to most affected vehicles, the organization said it's possible some at cars in the United States had not yet been updated. BMW did not respond to a request for comment Monday. In a written statement, the automaker said it knows of no real-world breaches. 2015 Off To Dubious Start The hack could raise the eyebrows of industry leaders: Cars are now the equivalent of mobile computers and cyber-security experts have been warning that the auto industry has been slow to close its security holes. BMW's breach marks the second time in 2015 that researchers have found a popular automotive feature with little or no security precautions. Last month, experts said a popular device made by Progressive Insurance that allows motorists to track their driving habits contained no security whatsoever. Like the Connected Drive smart-phone app, many automotive components and infotainment features were conceived and produced at a time when industry executives never considered the possibility someone might want to hack into them. But increased connectivity brings increased risk. Going forward, BMW says its Connected Drive features will now operate by using encrypted communications via the HTTPS protocol.