Aston Martin joins JLR in calling out Brexit risk to industry

A file photo of Andy Palmer, CEO, Aston Martin. Photo: Bloomberg

A file photo of Andy Palmer, CEO, Aston Martin. Photo: Bloomberg

London: Aston Martin Chief Executive Officer Andy Palmer said that Brexit is “a disaster for the industry on both sides of the Channel if there is no negotiated exit.”

Palmer, a former executive at Japan’s Nissan Motor Co., spoke in an interview with the Mail on Sunday. He joins Jaguar Land Rover CEO Ralf Speth in calling out the risks Brexit poses to the UK automotive sector. Last week, Speth warned Prime Minister Theresa May that a bad Brexit deal could put tens of thousands of jobs at risk and cost the company more than £1.2 billion ($1.6 billion) per year.

Palmer is the latest company boss seeking to make clear the possible dangers of crashing out of the European Union without a deal. Rolls-Royce Holdings Plc has moved the design approval for large jet engines to Germany to ensure it can continue operating whatever the Brexit outcome. In June, Airbus SE said it may have to pull its UK investments in the event of a no-deal Brexit.

Earlier this week, the maker of luxury sports cars known for supplying UK spymaster James Bond said it is moving ahead with a plan to list shares in London despite Brexit.

First Published: Sun, Sep 16 2018. 05 21 PM IST

Source: Livemint