BMW Chief Financial Officer Nicolas Peter has said Britain’s separation from the European Union could cost EU carmakers and suppliers up to 11 billion euros unless cross-border trade remains tariff-free and unbureaucratic.
BMW has spent a low double-digit million euro amount this year to prepare for Brexit, Peter told journalists during a virtual roundtable discussion on Thursday.
“The auto industry association ACEA has estimated that it could cost carmakers and suppliers 10 to 11 billion euros,” Peter said.
“We need tariff-free trade. And even then, it needs to be seamless. We have a just-in-time manufacturing system so the administrative processing at customs needs to be efficient.”
Furthermore Britain should continue to keep pace with European Union emissions requirements so that carmakers can offer the same cars in all European markets, Peter said.
Strong demand for electric and hybrid cars has helped BMW stay ahead of projected fleet emissions reduction targets for 2020, Peter said.
Reporting by Edward Taylor; editing by Thomas Seythal
Support Labour Heartlands
Help Us Sustain Ad-Free Journalism
Sorry, I Need To Put Out the Begging Bowl
Independent Journalism Needs You
Our unwavering dedication is to provide you with unbiased news, diverse perspectives, and insightful opinions. We're on a mission to ensure that those in positions of power are held accountable for their actions, but we can't do it alone. Labour Heartlands is primarily funded by me, Paul Knaggs, and by the generous contributions of readers like you. Your donations keep us going and help us uphold the principles of independent journalism. Join us in our quest for truth, transparency, and accountability – donate today and be a part of our mission!
Like everyone else, we're facing challenges, and we need your help to stay online and continue providing crucial journalism. Every contribution, no matter how small, goes a long way in helping us thrive. By becoming one of our donors, you become a vital part of our mission to uncover the truth and uphold the values of democracy.
While we maintain our independence from political affiliations, we stand united against corruption, injustice, and the erosion of free speech, truth and democracy. We believe in the power of accurate information in a democracy, and we consider facts non-negotiable.
Your support, no matter the amount, can make a significant impact. Together, we can make a difference and continue our journey toward a more informed and just society.
Excuse the interruption! While you are here would you please consider giving a small donation.
Hey there, sorry to interrupt! I wanted to take a moment to ask for your support in keeping Labour Heartlands running. Unlike many other sources of news and information, Labour Heartlands is entirely self-funded and has no source of state, corporate, or institutional finance.
Instead, it relies on the generosity of its readers to continue providing an alternative voice, insider information, and thought-provoking debate. Your small donation can make a big difference in helping Labour Heartlands keep going. We are incredibly grateful for any support you can offer.
With your help, Labour Heartlands can continue to provide quality content without the need for intrusive ads. Thank you so much for your consideration and support!
We really appreciate your support in keeping us running Ad-Free
Any donation, large or small, thank you. CLICK THE IMAGE TO DONATE