Toyota Says Brexit May Lead to 10% Duties on U.K.-Built Cars
- Carmaker exports most Auris, Avensis and engines built in U.K.
- Toyota: Brexit would bring ‘significant business challenges’
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Toyota Motor Corp., the world’s largest automaker, warned a withdrawal by Britain from the European Union may lead to levies of as much as 10 percent on the cars it builds in the U.K.
Brexit would challenge Toyota to cut costs or make its cars more expensive and hurt sales, the automaker said in a letter Monday to its U.K. employees. Toyota provided a copy of the letter, which says the company exports almost 90 percent of the vehicles it builds in the U.K., and three-quarters of the cars are sold in the EU.