Since the announcement of Brexit, car manufacturers have been planning for the future. Aston Martin are no different and the company recently announced that it could stop production if Theresa May fails to secure a Brexit deal. According to Aston Martin, leaving the EU without a trade deal would be “semi-catastrophic.” As the company makes all its vehicles in the UK, each car is tested by the Vehicle Certification Agency (VCA) to make sure it is valid to be sold.
VCA-approved cars can be sold across the EU due to the UK’s membership. But if there was a ‘no-deal’ situation, then VCA approval wouldn’t be valid anymore. Aston Martin’s chief financial officer, Mark Wilson, told MPs that this would incur “significant costs” for the company. He said “we are a British company. We produce our cars exclusively in Britain and will continue to do so. Without VCA type approval it really is a stark picture for us.”
The Lib Dem Brexit spokesman, Tom Brake, believes that Aston Martin’s stance is an indication of the car industry being severely damaged by a no-deal Brexit. “People’s jobs are on the line, but still the hard Brexiteers are peddling the fantasy that we could crash out of Europe with no deal. Every day of government complacency brings us closer to a catastrophic Brexit that would destroy jobs, push up prices and damage living standards. The government must stop being so complacent and protect British businesses by ruling out no-deal.”
A warning has also come from the chief executive of the Society for Motor Manufacturers and Traders. Mike Hawes has said that the cost per vehicle of having a no-deal situation could be as much as £1800.
Aston Martin have produced a lot of classic vehicles over the years, such as the DB5. If the company stopped producing cars then it would be a major blow to the industry. It remains to be seen how a Brexit deal would impact classic cars, but Aston Martin’s warning isn’t to be taken lightly.
How did you think the no-deal Brexit would affect classic cars? Still looking to get classic car insurance for your Aston Martin?