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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.

Rolls-Royce luxes up Paddington Bear

There are few things quite as quintessentially British as Rolls-Royce and Paddington Bear. And now the two have come together in one glorious creation.
As part of a promotion for a new Paddington movie and to raise funds for the UK's National Society for the Prevention of Cruelty to Children (NSPCC), London is decorating itself with a series of 50 sculptures reinterpreting the classic British children's character dotting the Paddington Trail across the city.
One of those installations has been created by Rolls-Royce, whose take on Paddington wears a brown leather duffel coat with a purple cravat and hat, a zebrawood suitcase and a pair of MK8 driving goggles that pay homage to the company's gentleman-racer history. He stands atop a chrome base modeled after Rolls' iconic Pantheon grille.

Rolls-Royce readying Wraith convertible

For seven years, Rolls-Royce got by on the Phantom line alone, expanding on the original saloon with a long-wheelbase version, a coupe and the convertible. But now that the Ghost is part of the family, Goodwood seems to be following a similar expansion.
What started with the Ghost sedan has since been joined by the extended-wheelbase model and the Wraith fastback coupe. And now we're receiving spy shots of a Wraith-based convertible undergoing testing.
Potentially to be called the Wraith Drophead Coupe like its larger Phantom-based counterpart, the cabrio is likely to borrow much from the Wraith fastback - including its 6.6-liter twin-turbo V12 producing 624 horsepower and 590 pound-feet of torque - but with a folding cloth roof mechanism to let the wind and engine note in, although the prototype pictured here is wearing a makeshift hardtop.