JLR says starting to feel initial effects of Brexit

UK automotive industry is staring at the possibilities of tariff on components imported from and vehicles exported to EU

Last year’s referendum in the United Kingdom, which voted in favor of the country’s exit from the European Union (EU), also known as Brexit, has already started showing first effects, Reuters reported last week citing Ralf Speth, Chief Executive of Jaguar and Land Rover, the country’s largest automaker. “Inward investment takes longer or is reduced, so the number of suppliers that we can convince to come to the UK is really more or less limited now,” Speth said in an interview.