9:00 am, November 4, 2016
THE boss of German car giant BMW has said the company is in a position to wait out Brexit negotiations before making any decisions on UK investment.
Chief executive Harald Kruger said: ‘At BMW Group, decisions about investments are not due at the moment. This is why we can await the outcome of negotiations.’
Kruger made the comments during a third-quarter earnings call with journalists today.
The company, which manufactures Mini, BMW and Rolls-Royce cars in Britain, is one of a number of European firms facing questions regarding its future in the UK after the Brexit vote, which could result in new trade tariffs and higher input costs.
Any move to the Continent would put thousands of British jobs at risk.
Nearly 5,000 people are employed across BMW’s plants in Oxford, Swindon in Wiltshire and Hams Hall in Warwickshire.
BMW says it contributes about £1.2 billion to UK gross domestic product (GDP) per year, exporting around £2.4 billion worth of car, engine and related products annually.
Kruger’s comments come after Nissan agreed to pour new investment into its Sunderland plant, following assurances that the Government was committed to securing continued tariff-free access to EU markets.
However, the announcement has since caused controversy, with Labour politicians calling on the Government to disclose the terms of any deal struck with Nissan.
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