UK Government Reassured Toyota Over Brexit- Sources
1 mins read
Published on July 15, 2017
- Carmakers want promises of unfettered trade after Britain leaves EU
- The British govt. helped Toyota secure a major investment at its plant
- Few automobile companies are holding back investment in their UK plants
Two sources have told Reuters The British government helped to secure a more than 240-million pound investment from Toyota (7203.T) in its English plant with a letter reassuring the Japanese carmaker over post-Brexit trading arrangements. Lucy Fielder reports.
The British government helped secure a major Toyota investment in a UK plant with a letter reassuring the Japanese carmaker over post-Brexit trading arrangements, sources have told Reuters.
Westminster's - quote - 'warm words' for Toyota likely to rekindle concerns about secretive Brexit deals.
When it emerged that Nissan had received a similar letter last year, it provoked widespread unease.
And rival carmakers who'd had no reassuring words whispered in their ears were pretty unhappy.
Reuters learned that the letter discussed electric vehicles, commitment to further training and ensuring UK car industry competitiveness.
Toyota declining to comment; while the business ministry refused to release the letter.
Carmakers want promises of free and unfettered trade after Britain leaves the EU, scheduled for 2019.
Many are holding back on investment in their UK plants while the future is so uncertain - and are using that as leverage to pressure the government.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Great Deals on Used CarsView All Used Cars
- 1,10,000 km
- 82,593 km
- 65,210 km
- 56,000 km
- 44,112 km
- 24,000 km
- 39,000 km
- 14,500 km
- 54,000 km
- 32,000 km
Popular Toyota Models
3 hours ago
The company witnessed a substantial 510 per cent increase in revenue from Rs 456 crore recorded in FY2022.
3 hours ago
Under the collaboration, Tata Power will deploy over 500 EV charging points at various IOCL retail outlets across the country.
Jairaj will succeed Roland Bouchara, who led the company for six and a half years in India
The scaled-down version gets the same design as the Cybertruck design and also features rear-wheel drive, LED lights, and electric braking
The analysis carried out by Frost and Sullivan revealed that the Sonet diesel offered the lowest Total Cost of Ownership while the petrols were second best in the segment.
6 hours ago
The company justifies its decision by citing various market factors and the necessity to uphold product quality and competitiveness.
6 hours ago
Carmaker has said it will hike prices across its range of cars by up to 2 per cent.
7 hours ago
The standard W175 is now priced from Rs 1.22 lakh (ex-showroom) positioning it under the W175 Street.
8 hours ago
The scooter is offered with a special battery subscription scheme, which drives the initial price down and requires the buyer to pay a monthly subscription fee
8 hours ago
The design patent shows the final production EV will be close to the Sierra concept showcased at the 2023 Auto Expo.
4 days ago
The Toyota Supra GT4 100th Edition Tribute will be limited to just 100 units and get a new GR Supra GT4 Evo racecar-inspired livery along with Gazoo Racing accessories
7 days ago
The Urban SUV concept is the first in a line of 6 EVs, which the company says will be revealed toward the first half of 2024
9 days ago
The cumulative sales for the Calendar Year 2023 reached 2,10,497 units - a 40 per cent growth over 2022
20 days ago
The new plant will increase Toyota’s production capacity by 1 lakh units per annum and will be completed by 2026.
24 days ago
The Crown Signia employs a hybrid powertrain, combining a 2.5-litre gasoline engine with two electric motor-generators