As investment stalls, auto industry warns PM May: Avert Brexit crash

according to Uncertainty over Brexit has halved new investment in the British car industry and Prime Minister Theresa May should urgently change tack to keep the world's fifth largest economy in the EU's customs union, the country's main car lobby group said. Under the current timetable, both London and Brussels hope to get a final Brexit deal in October to give enough time to ratify it by Brexit day in March 2019, though few diplomats expect the deal to be struck until months later. At stake is the future of one of Britain's few manufacturing success stories since the 1980s: a car industry employing over 800,000 people and generating turnover of $110 billion. Its chief executive Mike Flewitt said the industry needed to know the shape of the new trading relationship in good time. SMMT chief Hawes said the British government's current position - leaving the EU single market and the customs union - would hurt the industry.

The auto industry is vital to our national security interests

A healthy, progressive industrial sector developing military products and applications can only exist simultaneously with a healthy civilian industry. The only way to build and sustain a world-class military industry is to share costs with a civilian industry. Historically, the civilian and military motor vehicle industry have always been intertwined. A successful motor vehicles industry uses thousands of specialized parts. The vehicle industry continues to be vital for the health of the civilian economy too.

'Carmaggedon': Representatives warn tariffs would decimate auto industry

referring to Representatives of the Canadian auto industry warned officials on Tuesday that proposed tariffs on U.S. imports of vehicles and auto parts would decimate the industry and send the Canadian economy into a tailspin. Still, the proposed 25 per cent tariffs on vehicles and auto part imports to the U.S. prompted several representatives from the Canadian auto industry to warn the committee of the potentially devastating effects of such a move by the U.S. administration. Another report by Moody's Investor Services released this week said the tariffs would be negative for nearly all members of the auto industry, including automakers, parts suppliers, dealers, retailers and other transportation companies. "There is not an assembly plant in Canada that will survive a 25 per cent tariff, because almost everything we build goes to the United States," Dias said. 1 industry in Canada taken away from us."• Email: asiekierska@nationalpost.com | Twitter: alicjawithaj

Auto industry growth: 'Time to kick-start sustainable growth in auto industry'

Transformation to electric cars is inevitable in India, which poses a great opportunity to the automotive industry. A corporate rate tax cut from the present 30% to 27-28% would help the industry.Indirect tax – Simplify existing GST rate structure for the automobile sector. Alternative powertrains: The government must recognise that electric vehicles are easier to make and are simpler than IC engines. R&D spends on new cars, EV designs for cars, bio-fuels like ethanol and electric powertrain will increase. **The views carried in the article are of ILC members in entirety, and not of Deloitte or ET.




collected by :Catlin Logan

Edit This Article