About 75 percent of the vehicles manufactured in the UK are destined for export, mostly to Europe. But it’s not just British automakers, few of which today are actually British owned, that have taken a hit. Automakers, suppliers, and even transportation companies like Penske are experiencing falling stock values.
As of this writing, the following manufacturers have taken hits. Percentages are relative as the stock prices are still in flux.
- Toyota: -8.6 percent
- General Motors: -3.8 percent
- Volkswagen: -5.5 percent
- Hyundai: -1 percent
- Ford: -5.9 percent
- Nissan: -8.1 percent
- Fiat Chrysler Automobiles: -12.3 percent
- Honda: -4.47 percent
- Tesla: -1.8 percent
- Delphi: -10.6 percent
- BorgWarner: -10.2 percent
- Tenneco: -10.5 percent
- Penske: -10.2 percent
It’s still unknown how this will all play out. The UK’s next move will be to figure out how to manage their departure from the EU and what effect this will have on trading. UK Prime Minister David Cameron announced his resignation this morning, so figuring out new leadership to ease the transition will be key.
With regards to the auto industry, the UK government will need to determine what sort of tariffs will be imposed on imports and exports, how labor and employment will be handled, and if manufacturing will be forced to move elsewhere if costs become too great.
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