Aston Martin Joins Jaguar in Calling Out Brexit Risk to Industry

(Bloomberg) -- Aston Martin Chief Executive Officer Andy Palmer said that Brexit is “a disaster for the industry on both sides of the Channel if there is no negotiated exit.”

Palmer, a former executive at Japan’s Nissan Motor Co., spoke in an interview with the Mail on Sunday. He joins Jaguar Land Rover CEO Ralf Speth in calling out the risks Brexit poses to the U.K. automotive sector. Last week, Speth warned Prime Minister Theresa May that a bad Brexit deal could put tens of thousands of jobs at risk and cost the company more than 1.2 billion pounds ($1.6 billion) per year.

Palmer is the latest company boss seeking to make clear the possible dangers of crashing out of the European Union without a deal. Rolls-Royce Holdings Plc has movedthe design approval for large jet engines to Germany to ensure it can continue operating whatever the Brexit outcome. In June, Airbus SE said it may have to pull its U.K. investments in the event of a no-deal Brexit.

Earlier this week, the maker of luxury sports cars known for supplying U.K. spymaster James Bond said it is moving ahead with a plan to list shares in London despite Brexit.

To contact the reporter on this story: Thomas Buckley in London at tbuckley25@bloomberg.net

To contact the editors responsible for this story: Eric Pfanner at epfanner1@bloomberg.net, Marthe Fourcade, Kevin Costelloe

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