LONDON -- Britain's car industry body called on Brexit negotiators to agree to a deal by the end of 2020, saying failure to do so could cost the sector 55.4 billion pounds ($74 billion) in tariffs by 2025 and undercut its ability to develop the next generation of zero-emissions vehicles.
A "no deal" Brexit would cut UK vehicle production by two million units over the next five years, the Society of Motor Manufacturers and Traders (SMMT) said.
"With scant time left for businesses to prepare for new trading terms, the sooner a deal is done and detail communicated, the less harmful it will be for the sector and its workers," the SMMT said in a statement on Tuesday.
"We have already spent nigh on a billion pounds preparing for the unknown of Brexit and lost 28 times that to COVID," George Gillespie, the president of the SMMT, said on a webinar. "We need a future trading relationship that works for automotive."