Hard Brexit could cost automotive industry $1 billion

Posted On: Jul. 9, 2019 7:13 AM CST

Steven Armstrong, chairman of Germany-based Ford of Europe GmbH, said that a hard Brexit could cost the European automotive industry up to $1 billion due to tariffs and disruptions, Irish Examiner reported. Mr. Armstrong said that a hard Brexit could make it difficult for Ford's plants in the United Kingdom to remain competitive after the automaker closed its engine plant at Bridgend in June.