Volkswagen says no deal Brexit may force price hikes in Britain
WOLFSBURG, Germany (Reuters) – Volkswagen said British Prime Minister Theresa May’s failure to secure backing for a European Union divorce deal may result in price increases for VW customers in Britain if tariffs are introduced for imported vehicles.
“Yesterday evening was a disappointment for all Europeans. We are continually monitoring the situation and should it come to pass, we need to discuss price increases,” Volkswagen’s chief operating officer Ralf Brandstaetter said at a press conference in Wolfsburg, Germany.
The cost of tariffs for imported cars may have to be passed on to customers, Brandstaetter explained.
British lawmakers on Tuesday rejected May’s proposed European Union divorce deal, thrusting Britain deeper into crisis and forcing parliament to decide whether to back a no-deal Brexit or seek a last-minute delay.
Reporting by Edward Taylor; Editing by Michelle Martin