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Toyota urges UK, EU to avoid no-deal Brexit 'at all costs'

By Mutala Yakubu
Toyota urges UK, EU to avoid no-deal Brexit 'at all costs'
Toyota urges UK, EU to avoid no-deal Brexit 'at all costs'
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The head of Toyota, who leads a group of Japanese automakers, on Friday 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.

Toyoda said Japanese automakers employed 170,000 people throughout the EU, including in Britain, and warned that the firms require "an unimpaired trade environment between the United Kingdom and European Union."

Read also:Donald Tusk: Theresa May's Brexit trade plan won't work
Source: nation media