Tata Motors-owned JLR warns against 'bad' Brexit
London: Tata Motors-owned Jaguar Land Rover has issued a stark warning against a "bad Brexit deal", saying it could hit the Britain's biggest carmaker's annual profits by over 1.2 billion pounds and may even force an exit from the UK.
Britain is set to exit the 28-member European Union in March next year. "A bad Brexit deal would cost Jaguar Land Rover (JLR) more than 1.2 billion pounds profit each year. As a result, we would have to drastically adjust our spending profile," JLR CEO Ralf Speth warned in a statement on Wednesday, as British Prime Minister Theresa May prepared for a crucial meeting with her Cabinet at her country retreat of Chequers to hammer out the contours of a new post-Brexit customs arrangement with the EU on Friday. "I don't want to threaten anybody, but we have to make transparent the implications of the move. We want to stay in the UK. Jaguar Land Rover's heart and soul is in the UK," he said.