Jaguar Land Rover Chief Executive calls for greater Brexit certainty

A worker looks at a build card at a Jaguar Land Rover facility in Solihull Britain Darren Staples Reuters  File

In other words, companies want the future to be predictable. As the Jaguar and Land Rover brands grow their electric and autonomous offerings, this investment will grow.

However, all that could be put in "jeopardy" with a bad deal with the European Union as Britain prepares to exit the economic bloc in March next year. In 2016, Britons voted for Brexit, i.e., they voted to leave the EU.

Like Jaguar Land Rover, BMW said it would have to close its Mini and Rolls-Royce production facilities if a trade agreement isn't reached.

Dr. Speth described the company as the UK's 'heart and soul'.

A Brexit arrangement that doesn't ensure full, tariff-free access to the European Union's single market will be highly costly to the United Kingdom's largest auto maker, he said.

Balaji added: "As this worst case Brexit scenario is just one of the many possibilities, our plans which were shared at the JLR analyst meet in the United Kingdom did not factor them and we continue to stand by what was shared".

"The PM has been very clear that we take the views of business seriously and we also know the importance of providing certainty as we leave the European Union", the spokesman told reporters. "This is hypothetical, and I hope it's an option we never have to go for", Speth told the newspaper.

JLR's CEO Ralf Speth said in a statement: "A bad Brexit deal would cost Jaguar Land Rover more than £1.2 billion in profit each year". "This would be in jeopardy should we be faced with the wrong outcome". The nation has incessantly made the case for free trade.

With its centre in Gaydon - one of its principle engineering sites and the headquarters for Land Rover - JLR is a major employer of people living in Mr Weston's constituency. If the British Government wants to maintain those job numbers, it must negotiate a free-trade deal with the EU.

Shares in Tata plunged to their lowest in more than five years on Thursday, as investors turned jittery on the company, whose biggest business is JLR, which contributed almost 77 percent of its total revenue in the year ended March 31, 2018. If the negotiations fail, more than 40,000 employees might get affected.

In 2017 the company sold 621,000 cars, with 80 percent of them heading overseas. "Land Rover sales declined slightly in June as China waited for the welcome reduction in import tariffs as of July". Therefore, mainland Europe is a crucial market for the company's well-being.

In the current financial year JLR intends to invest £4.5bn, with more than half going into development of new vehicle models and technologies.

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