INDIAN automaker Tata Motors Limited’s British luxury arm Jaguar Land Rover will remain committed to all its manufacturing sites and investment decisions, a company spokeswoman said in a statement today (24).
Earlier this morning Britain voted to leave the 28-nation European Union bloc and prime minister David Cameron announced he would step down to make way for a new leader by early October.
Jaguar Land Rover, Britain’s biggest carmaker, relies on Europe for about 20 per cent of its global sales.
“Europe is a key strategic market for our business ... we remain absolutely committed to our customers in the EU,” the spokeswoman said in the statement.
Britons decided 52 per cent to 48 per cent in favour of quitting the 28-nation bloc, a margin of more than one million votes, according to final results from last night’s (23) referendum.
The result saw sterling collapse 10 per cent to touch a 31-year low of $1.3229. European stock markets dropped around eight per cent at the opening bell, while British banking shares collapsed by some 30 per cent.
The Bank of England promised to take “all necessary steps” to secure market stability.
The referendum means the world’s fifth-largest economy must now go it alone in the global economy, launching lengthy exit negotiations with the bloc and brokering new deals with all the countries it now trades with under the EU’s umbrella.
Piyush Goyal and Jonathan Reynolds tour the Royal Opera House in London
