NISSAN is said to have drawn up a contingency plan to pull out of Europe but double down on the UK if Brexit leads to tariffs on car exports.

Nissan would close its Barcelona van facility and stop manufacturing in France, the Financial Times reported, citing two people involved in the plan.

The car maker would keep its Sunderland plant in the UK because if other car makers that import to Britain face tariffs, Nissan would have a competitive edge. It hopes to increase its market share from four per cent to up to 20 per cent.

The contingency plan was reportedly drawn up before Makoto Uchida was installed as the new chief executive in December.

Nissan did not respond to a request for comment. The car maker denied such a contingency plan exists to the Financial Times.

Boris Johnson will today set out a tough opening stance ahead of trade talks with the European Union.

(c) 2020 City A.M., source Newspaper