Bentley books 5 Antonov cargo jets on fears of a no-deal Brexit
BRITISH-made, but German-owned Bentley Motors has put cargo planes on standby to avoid expected disruptions arising from total Brexit expected on January 1, Bloomberg reports
07 December 2020 - 04:54
Bentley, and fellow French-owned British carmaker Vauxhall, is booking a fleet of five Antonov cargo jets on a time-share basis for possible transport of vehicle bodies, engines or other parts.
Volkswagen CEO Adrian Hallmark, whose firm owns Bentley, said he has also arranged for extra warehouse capacity and boosted supplies to sustain 14 days of production, up from just two previously, to mitigate risks from Brexit and the Covid crisis.
'We're ready to jump off a cliff with a parachute that we think works, but we haven't yet tested,' Mr Hallmark told a Financial Times conference.
For Bentley, the company would partially absorb a 10 per cent tariff rate applied to cars in the absence of a trade deal and pass the rest of the expense on to customers, Mr Hallmark said. The company buys 90 per cent of its parts from the EU and sells 24 per cent of its cars to the bloc.
The hit to Bentley's bottom line would be damaging but is not an existential threat, he said, adding that he's 'still hoping for a deal.'
This news 645 hits received.