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Aston Martin: no Brexit deal could be 'semi-catastrophic' for firm

Aston Martin: no Brexit deal could be 'semi-catastrophic' for firm

Iconic British carmaker Aston Martin could be forced to stop production should the United Kingdom fail to get a Brexit deal.

Wilson, who was among a number of motor industry executives giving evidence to MPs on the Business, Energy and Industrial Strategy committee, said the company would face a "stark picture" and a substantial bill from both stopping factory work and seeking regulatory approval in another country if the current system ended. That will cease to be valid after March 2019 and no one yet knows what system will be in place after that date.

"Not only in resourcing to another type approval. but also the semi-catastrophic effect of having to stop production because we only produce cars in the United Kingdom", he said.

Mr Wilson said he "hoped it would not come to that", adding he was "encouraged" by talk of a transitional deal.

He added: "We're a British company. We produce our cars exclusively in Britain and will continue to do so", he said.

Aston Martin has expressed concern in relation to the Vehicle Certification Agency (VCA), which authorises type approval validation for cars sold in the United Kingdom and is now recognised by the EU. Companies are not allowed to hold simultaneous type approval from two authorities, therefore if United Kingdom firms were forced to apply for new vehicle certification that would be valid in Europe, they would have to stop production while doing so.

80% of United Kingdom auto manufacturing output is exported, according to the Financial Times.

More news: Mexico to propose 'rigorous' NAFTA reviews to counter sunset plan

The problem could be overcome through a "cumulation" agreement with the European Union, he said.

The Society of Car Manufacturers and Traders warned the cost of cars in the United Kingdom in the event of a no-deal could increase by £1,500 per vehicle.

World Trade Organisation rules, the default position after no deal, apply tariffs of 10% to finished automobiles.

They warned that auto companies may also struggle to benefit from new free trade agreements with other nations that insists on 60 per cent of a product being made up of "original" or home-made content.

Asked whether a lack of clarity over Brexit could impact investment in the motor industry, Hawes said: "Companies don't just make an investment at one particular point, there's constant investment".

"How much of that 44% actually comes from the United Kingdom, bearing in mind those suppliers are buying in supply chains from all over the world?"


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