BMW claims Brexit could charge auto business 10-11 billion euros

FILE Picture: The BMW symbol is viewed on a steering wheel throughout the media day of the 41st Bangkok International Motor Exhibit just after the Thai governing administration eased actions to prevent the spread of the coronavirus sickness (COVID-19) in Bangkok, Thailand July 14, 2020. REUTERS/Jorge Silva

FRANKFURT (Reuters) – BMW BMWG.DE Main Financial Officer Nicolas Peter on Thursday mentioned Britain’s separation from the European Union could cost carmakers and suppliers up to 11 billion euros unless of course cross-border trade stays tariff-totally free and unbureaucratic.

BMW has put in a lower double-digit million euro amount this calendar year to prepare for Brexit, Peter instructed journalists throughout a digital roundtable discussion on Thursday.

“The automobile market association ACEA has approximated that it could expense carmakers and suppliers 10 to 11 billion euros,” Peter reported.

“We will need tariff-cost-free trade. And even then, it requirements to be seamless. We have a just-in-time manufacturing method so the administrative processing at customs needs to be economical.”

Moreover Britain really should continue to continue to keep speed with European Union emissions needs so that carmakers can offer the identical automobiles in all European markets, Peter reported.

Strong demand from customers for electrical and hybrid autos has assisted BMW keep forward of projected fleet emissions reduction targets for 2020, Peter stated.

Reporting by Edward Taylor modifying by Thomas Seythal

Katherine T. Burrows

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