BMW AG says it will drop a production shift at its Mini small-car plant in Oxford, England, if the U.K. ends up exiting the European Union next month without a new trade deal.
Chief Financial Officer Nicolas Peter tells reporters that a “hard” Brexit would create new tariffs on cars and parts, forcing BMW to raise prices, which presumably would hurt sales.
Peter also says that suspending production entirely for the first two days after Brexit would help BMW avoid logistics problems. Carmakers in the U.K. have warned that a no-deal exit would at least temporarily disrupt the extensive supply chains that bind their British operations to suppliers and markets outside England.
Peter notes that BMW has created a €300 million ($331 million) fund to handle short-term Brexit costs.
As expected, some 48,000 of the United Auto Workers Union members began a strike at midnight Sunday against General Motors Co. facilities in the U.S.
A witch, a clown, a masked vigilante, and a doctor go into a studio. . . .
Delegates to the United Auto Workers union’s annual convention in Detroit have overwhelmingly approved a 31% raise for their salaried international leaders.