BMWYY - Failure of Brexit deal could cost UK car industry $74B by 2025

To avoid paying World Trade Organization $74B in tariffs by 2025 on parts and vehicles imported and exported into and out of Britain and undercut its ability to develop the next generation of zero-emissions vehicles, Britain's car industry body called on Brexit negotiators to finalize a trade deal by the end of 2020.British and EU negotiators are working to sign a new trade deal by Jan. 1, 2021.The Society of Motor Manufacturers and Traders ((SMMT)) said a “no deal” Brexit would cut UK vehicle production by two million units over the next five years and would add an average €2,000 to the cost of British-built electric cars sold in the EU, "making UK plants considerably less competitive and undermining Britain's attractiveness as a destination for inward investment."An absence of a deal would have severe consequences for automakers because a 10% duty could be applied to new cars. Even a "bare-bones" accord would cost the

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Failure of Brexit deal could cost UK car industry $74B by 2025