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Auto blog

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.

Even in a down economy, Rolls-Royce is on a roll

Limited Volume, Big Margins Spell Success
Bigger isn't always better, especially when it comes to selling super luxury. Rolls-Royce CEO Torsten Müller-Ötvös expects the British automaker to again post a record year, despite the economic troubles in Europe and weak growth in both the US and China.
"It is not all doom and gloom out there," Müller-Ötvös explains, noting that the declining sales in Europe and elsewhere have been offset by good performance for the marque in the Middle East, Japan, Singapore, Hong Kong and Russia.

2014 Rolls-Royce Wraith is everything you need, everything you don't [w/videos]

It's not often that we get to talk about a new Rolls-Royce, what with the fact that the company's current model line is basically made up of two vehicles. But that all changes here at the 2013 Geneva Motor Show, with the introduction of what might be the most emotional Roller of modern times, the Wraith.
The new two-door Rolls is effectively a Ghost coupe, and it stands to reason that this is Royce's answer to the Bentley Continental GT, albeit at a higher price point. Much higher, actually - the 245,000-euro - $320k USD - price of entry for the Wraith is about $100,000 more than a Continental GT Speed coupe. Woof. And to our eyes, all that extra money isn't buying you much in the looks department, as the collective opinion of the Autoblog editors on-site in Geneva is that it's more imposing than elegant.
But the Wraith will no doubt be a special, exclusive, impressive machine for anyone who plunks down that sort of cash. For starters, it's powered by a V12 that puts out an impressive 624 horsepower and 590 pound-feet of torque mated to an eight-speed ZF "Satellite Aided" transmission. This nifty cog-swapper actually works with GPS to not only pre-select the right gear for the portion of road you're on, but for the next portion of you'll be driving on, as well. That, friends, is cool.