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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 reveals it's developing an electric John Cooper Works model

We at Autoblog are extremely fond of the Mini Cooper SE electric car. So we're also excited to learn that Mini is also developing an electric John Cooper Works model. Unfortunately, that's all Mini has actually said about a future electric John Cooper Works model: that it's in development. Anything else about it, such as how hardcore it will be, or what motor it will use, is entirely up for speculation. All we have to go on are photos of the prototype. From the looks of it, the prototype is simply a Mini John Cooper Works (JCW) GP, but with an electric powertrain. The entire body, even the giant wing and funky fender flares, is the same as the uncompromising GP, except for the grille. The grille is the mostly solid example used on the Cooper SE. There aren't any tailpipes on this car either, for obvious reasons. This certainly suggests Mini is planning a mean electric JCW, and not just a slightly stiffer upgrade from the S/SE models. It raises big questions about the motor, though. The gas-powered GP is the most powerful production Mini in history with over 300 horsepower. Only one BMW motor has been used in a Mini so far: the base i3 motor, which makes 181 horsepower. The i3s has a punchier motor that makes 195 horsepower that would probably drop in easily, but it wouldn't seem powerful enough for a GP-type car. Perhaps the iX3's motor, which makes 286 horsepower, could fit? It would certainly be near enough to the GP's engine. Maybe even one of the motors from the dual-motor, 500-horsepower BMW iX would do the job? We'll just have to wait and see, and it's hard to say just how long, since Mini gave no information on reveals. Hopefully it won't be too long if the company is testing minimally camouflaged electric GP prototypes. Related Video:  

Automotive April Fools' joke roundup [w/videos]

Happy April, everyone. And we all know what this first day of the month means: April Fools' Day. Today is a national holiday for pranksters with the Internet acting as a serious enabler, and it's always fun to see what kind of vivid imaginations exist out there in the automotive world. The abundance of fake news gets a little old as the day rolls on, but we did manage to get in a few chuckles thanks to a handful of major automakers and automotive news outlets that got into the pranking spirit this year
Some of our favorites this year includes Subaru showing what happens when you combine a bunch of rumors, a Corvette some may have already thought was a joke or Honda providing some in-car innovation circa the late 1980s. Honestly, we're still waiting for official confirmation from Mitsubishi that the recently introduced 2014 Mirage is an elaborate April Fools' joke using a failed design intended for the 1995 Geo Metro. We dug up as much "official" OEM foolishness we could find, as well as some of our other favorites, and posted them all below.