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MarketScreener Homepage  >  Equities  >  Tokyo  >  Honda Motor Co Ltd    7267   JP3854600008

HONDA MOTOR CO LTD

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UK car industry warns next PM against 'seismic' no-deal Brexit

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06/25/2019 | 08:33am EDT
FILE PHOTO: Vauxhall cars are transported on a lorry in Luton, Britain

LONDON (Reuters) - Britain’s car industry warned the next prime minister on Tuesday against a “seismic” no-deal Brexit in October, which it said could add billions of pounds in tariffs and cause border disruption, crippling the sector.

Boris Johnson, the frontrunner to succeed Theresa May, and his leadership rival Jeremy Hunt, have said they are prepared to take Britain out of the EU without a deal on Oct. 31, although it is not their preferred option.

Industry body the Society of Motor Manufacturers and Traders (SMMT) warned about the scale of disruption a disorderly exit would cause.

"Leaving the EU without a deal would trigger the most seismic shift in trading conditions ever experienced by automotive, with billions of pounds of tariffs threatening to impact consumer choice and affordability," it said.

The British automotive industry fears that a disorderly exit from the EU, its biggest export market, could see the imposition of tariffs of up to 10% on finished models and border delays which could snarl up ports and motorways, ruining just-in-time production.

A hard Brexit border could cost 50,000 pounds a minute in border delays, the SMMT said.

"The next PM’s first job in office must be to secure a deal that maintains frictionless trade because, for our industry, ‘no deal’ is not an option - we don’t have the luxury of time," SMMT Chief Executive Mike Hawes told a conference.

Britain’s car sector, rebuilt by foreign manufacturers since the 1980s, had been a runaway success story in recent years but since 2017 sales, investment and production have all slumped, blamed on a collapse in demand for diesel vehicles and Brexit uncertainty.

Brexiteers have long argued that the EU’s biggest economy Germany, which exports hundreds of thousands of cars to Britain ever year, would do its utmost to protect that trade.

The British car sector has faced a series of setbacks this year including around 4,500 job cuts at Jaguar Land Rover (JLR) and plant closure announcements from Honda and Ford.

Several investment decisions are also due, including whether JLR will build electric cars in its home market and whether Peugeot will keep its Vauxhall car plant open.

"If the right choices are made, a bright future is possible,” said Hawes. “However, ‘no deal’ remains the clear and present danger,” he added.

(Editing by Stephen Addison)

By Costas Pitas

Stocks mentioned in the article
ChangeLast1st jan.
FORD MOTOR COMPANY 0.43% 10.47 Delayed Quote.37.12%
HONDA MOTOR CO LTD 0.11% 2847 End-of-day quote.1.68%
TATA MOTORS 5.62% 170 End-of-day quote.-6.80%
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Financials (JPY)
Sales 2020 15 718 B
EBIT 2020 789 B
Net income 2020 676 B
Debt 2020 4 958 B
Yield 2020 4,14%
P/E ratio 2020 7,41x
P/E ratio 2021 6,91x
EV / Sales2020 0,63x
EV / Sales2021 0,59x
Capitalization 4 991 B
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Number of Analysts 21
Average target price 3 485,00  JPY
Last Close Price 2 836,50  JPY
Spread / Highest target 48,1%
Spread / Average Target 22,9%
Spread / Lowest Target -1,29%
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NameTitle
Takahiro Hachigo President, CEO & Representative Director
Seiji Kuraishi COO, Representative Director, VP & Head-Strategy
Kohei Takeuchi Senior MD, Head-Finance & Administration
Yoshiyuki Matsumoto Senior Managing Director, Head-R&D
Toshiaki Mikoshiba Senior MD, GM-North America & Head-Sales
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