‘No deal’ Brexit could cost UK automotive industry USD74 billion in five years, estimates SMMT
Annual vehicle production in UK could fall below 1 million units
The Society of Motor Manufacturers and Traders (SMMT) is urging the UK government to enter a deal with the European Union (EU) before the end of transition period ends on 31 December. The association has estimated that in the event of no-deal with the EU, the UK automotive would suffer production losses of GBP55.4 billion (USD74 billion) over the next five years with annual production falling below 1 million units, Autocar reported on 24 November. The UK produced 1.3 million vehicles in 2019.