Latest news with #LubbockFine
Daily Mail
4 days ago
- Automotive
- Daily Mail
Toyota to shift production of its performance car from Japan to the UK
Toyota plans to expand its car production in the UK to allow more North American enthusiasts to get their hands on its latest hot hatch, suggesting manufacturers are enjoying a Brexit boost amid Donald Trump's trade war. The world's biggest car maker, worth about £200billion, will start moving some of its assembly for the GR Corolla performance model from its native Japan to the Burnaston plant in Derbyshire - once it sets up a dedicated production line. Expected to start by mid 2026, experts say the Japanese company's move is a sign of Britain's attractiveness to firms deciding where to set up factories. The UK is 'well-placed to act as a bridge between the US and EU,' said Alex Altmann from business advisers Lubbock Fine, adding that Brexit allowed the UK to 'tailor its regulatory framework to better suit domestic industries'. A trade deal with the US to reduce tariffs from 25 per cent to 10 per cent for up to 100,000 UK-made cars per year also adds to the UK's desirability - and could mean other manufacturers will follow suit. There's reportedly a sizable appetite for the 300hp GR Corolla in the US, and sources say that Toyota will use excess capacity in the UK to better supply the market and shorten wait time for customers over the pond. Two people familiar with the matter, who spoke anonymously to Reuters, said that Toyota will spend over £41million ($56m) on the assembly line dedicated to North American GR Corolla exports. The Trump administration agreed this month to cut tariffs on auto imports from Britain, however the sources said Toyota's move was not a reaction to the President's tariffs. Japan is currently in line to be hit with the higher 25 per cent import levies due to be introduced on 9 July. Even though GR Corolla imports from the UK to US would likely pay a smaller import fee than they do currently from Japan, the two anonymous commenters insisted that the move has been sparked only by the fact Toyota had been unable to keep up with demand from petrolheads on the other side of the Atlantic. The production line will be set up at the Derbyshire factory to produce 10,000 of the hot hatches per year and begin outputs from the middle of next year, according to the sources. Burnaston began operations in 1992 and already produces the normal hatchback and hybrid estate Corolla for UK and European markets. Despite suffering a decline in manufacturing since Brexit, its advanced production technology and Corolla expertise make it a natural choice, one of the people said. Engineers will be temporarily dispatched from Japan to share production technology and other expertise as well. Burnaston already produces the normal hatchback and hybrid estate Corolla for UK and European markets and has advanced production methods which sources say makes it perfect for the GR The 'GR factory' Motomachi plant in Japan assembled 25,000 cars last year, around a third of which are Corollas, but is reportedly at full capacity. The shift to UK GR Corolla production also lends credence to the theory that the GR Corolla could launch in Europe soon. Currently it is only offered in a number of enthusiast markets including the US and Japan, but prototypes were spotted testing at the Nürburgring last year. Currently UK hot hatch fans have the GR Yaris but demand is so high that Toyota uses a ballot system. In response to Reuters questions, Toyota said it was always looking for ways to optimise production, but that the report was not something the company had publicly announced. This is Money contacted Toyota UK, which has declined to comment.
Yahoo
4 days ago
- Business
- Yahoo
UK companies shift focus from EU exports amid trade challenges
The number of UK businesses exporting solely to the EU dropped by 19% in 2024 to 14,300 from 17,800 in 2023, according to Lubbock Fine, a London-based chartered accountancy firm. Meanwhile, businesses importing and exporting exclusively to non-EU countries rose by 12% to 132,000. This shift highlights the impact of post-Brexit regulatory changes and recent trade agreements. Alex Altmann, partner at Lubbock Fine and head of the firm's German desk, noted that the decline in EU-focused exporters underscores the significance of the EU/UK trade agreement signed on 19 May 2025. The agreement aims to reduce veterinary checks on plants and animals transported from the UK to the EU, potentially easing some trade barriers. The trend of UK businesses moving away from EU trade is attributed to fears of red tape and regulatory divergence since Brexit. Altmann, also the vice president of the British Chamber of Commerce in Germany, said: 'The paperwork involved in trading with the EU has pushed many UK businesses away from their largest export market. Let's hope that the May 19 agreement is a first step in reducing red tape. The problems caused to UK businesses by Trump's tariffs shows that the EU will remain a key market.' The regulatory divergence is exemplified by the introduction of the UKCA safety mark, replacing the EU's CE mark. The change, along with increased customs inspections, has added to the challenges faced by UK exporters. Altmann said: 'More regulation means more paperwork – which is time consuming and expensive for businesses. On top of that, slow movement at the border causes delays for customers. 'UK exporters often find client relationships have been damaged to the point where their customers find alternative suppliers within the EU.' The recent UK-EU trade deal, while a positive step, leaves several issues unresolved. Altmann pointed out its narrow focus, which primarily addresses fishing and food exporters, leaving out significant sectors like manufacturing and professional services. 'These sectors account for a large portion of UK exports so they should really be a priority for the Government. What is also needed is a long-term commitment by both parties to streamline regulation. This will reduce business uncertainty and increase investor confidence – both of which will contribute to sustainable growth,' he explained. "UK companies shift focus from EU exports amid trade challenges" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
