TOKYO: The head of Toyota, who leads a group of Japanese automakers, on Friday (Oct 19) urged Britain and the European Union to avoid a…
TOKYO: The head of Toyota, who leads a group of Japanese automakers, on Friday (Oct 19) urged Britain and the European Union to avoid a no-deal Brexit «at all costs».
The statement from Akio Toyoda comes after EU leaders on Thursday warned Britain that they would offer no more concessions to break a deadlock in Brexit negotiations.
«Apprehension is therefore growing that a ‘withdrawal without agreement’ may become a reality,» wrote Toyoda in a rare statement posted on the Japan Automobile Manufacturers Association website.
«We hope that both the UK and EU governments will continue to make maximum efforts to reach a satisfactory settlement and that a ‘withdrawal without agreement’ is avoided at all costs,» he said.
The statement warned that a no-deal Brexit could have disastrous consequences for the industry, including suspended production, declining revenue and rising vehicle prices because of increased logistics and production costs.
