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The UK votes for Brexit and it will impact automakers

It's the first morning after the United Kingdom voted for what's become known as Brexit – that is, to leave the European Union and its tariff-free internal market. Now begins a two-year process in which the UK will have to negotiate with the rest of the EU trading bloc, which is its largest export market, about many things. One of them may be tariffs, and that could severely impact any automaker that builds cars in the UK. This doesn't just mean companies that you think of as British, like Mini and Jaguar. Both of those automakers are owned by foreign companies, incidentally. Mini and Rolls-Royce are owned by BMW, Jaguar and Land Rover by Tata Motors of India, and Bentley by the VW Group. Many other automakers produce cars in the UK for sale within that country and also export to the EU. Tariffs could damage the profits of each of these companies, and perhaps cause them to shift manufacturing out of the UK, significantly damaging the country's resurgent manufacturing industry. Autonews Europe dug up some interesting numbers on that last point. Nissan, the country's second-largest auto producer, builds 475k or so cars in the UK but the vast majority are sent abroad. Toyota built 190k cars last year in Britain, of which 75 percent went to the EU and just 10 percent were sold in the country. Investors are skittish at the news. The value of the pound sterling has plummeted by 8 percent as of this writing, at one point yesterday reaching levels not seen since 1985. Shares at Tata Motors, which counts Jaguar and Land Rover as bright jewels in its portfolio, were off by nearly 12 percent according to Autonews Europe. So what happens next? No one's terribly sure, although the feeling seems to be that the jilted EU will impost tariffs of up to 10 percent on UK exports. It's likely that the UK will reciprocate, and thus it'll be more expensive to buy a European-made car in the UK. Both situations will likely negatively affect the country, as both production of new cars and sales to UK consumers will both fall. Evercore Automotive Research figures the combined damage will be roughly $9b in lost profits to automakers, and an as-of-yet unquantified impact on auto production jobs. Perhaps the EU's leaders in Brussels will be in a better mood in two years, and the process won't devolve into a trade war. In the immediate wake of the Brexit vote, though, the mood is grim, the EU leadership is angry, and investors are spooked.

Could Jaguar become an EV-only brand?

Just yesterday we wrote about the Heisenbergian uncertainty surrounding the future of the Jaguar F-Type. A new report in Autocar prompts us to consider extending that ambiguity to the entire Jaguar brand. The UK magazine reports the automaker's product planners have devised a ten-year plan to switch to a pure EV lineup of cars and crossovers. According to Autocar's sources this is a planning exercise and doesn't have the green light, but it's "fairly advanced" and has adherents inside the company. The first shot fired would be an all-electric XJ replacement. That sedan, a "no-holds-barred luxury car" to challenge the Tesla Model S and Porsche Taycan, would provide emissions-free motoring before the Mercedes-Benz S-Class and BMW 7 Series come with their EV propositions. Around 2023, an EV crossover a touch larger than the full-sized Audi E-tron would replace both the XF and XE sedans. Two years later, a new mid-sized I-Pace would debut as both the F-Pace and E-Pace fade out. And two years after that, around 2027, the J-Pace luxury crossover would sigh its last ICE gasp. And what about the F-Type? The report says "with no replacement for F-Type in the works," an electric sports car "is also a possibility." There's no mention of the XK revival. Right now, Jaguar sells seven models - four sedans and three crossovers. As the Autocar article's written, come 2027 Jaguar would have an electric XJ sedan, a full-sized EV crossover, the I-Pace, and perhaps an electric sports car. That's a brave new world - one we're not sure Jaguar dealers could survive in. Problem is that Jaguar and its dealers are having plenty of problems now. Chinese-market volatility, the cloud around diesels, and Brexit uncertainty have contributed to a sales slump so dire that Jaguar's Castle Bromwich plant is going to a three-day week for the rest of the year. The sales flu has spread to Land Rover, too, the brand's Solihull plant closing for two weeks to realign dealer inventory. Considering all that, and with no easy relief in sight, the product planners are apparently debating whether a new, traditional three-model sedan range is worth the investment. The upside of going all-electric is said to be higher sales, with internal estimates supposing 300,000 units annually. Last year Jaguar sold 178,500 units. The marque could rake in larger profit margins on those sales, too, thanks to premium buyers being ready to shell out big ducats for EVs.

Jaguar XE SV Project 8 slices record Nuburgring lap down to 7:18.361

No production four-door vehicle has ever come close to breaking a seven-minute lap on Germany's Nuburgring (we see you WRX STI Type RA NBR), but manufacturers are slowly inching toward the achievement a few seconds at a time. Jaguar announced that it returned to the famed racetrack with its XE SV Project 8 and clocked a 7:18.361 lap, a new sedan record that's 2.9 seconds faster than the Project 8's previous record.  When Jaguar debuted the Project 8 in 2017, it had the makings of a specialty car that would slither into the shadows as quickly as it blasted onto the scene. But it's been quite the opposite. Jaguar has continued development of the vehicle and offers three different versions, including a touring variant. Production has lasted into the 2019 model year, and we recently tested one to get a handle of just how monstrous the thing truly is.  Much can change and be learned in two years, though, and Jaguar wanted to follow up its first trip to the Nurburgring, where it posted a record-setting time of 7:21.23. Under the guidance of Project 8 development driver Vincent Radermecker, the Jag ran the circuit in 7:18.361 on July 8, 2019. It did so in two-seat track pack spec and on Michelin Pilot Sport Cup 2 R tires. Jaguar made sure to clarify a detail about the run and the time. The 2017 time was done on the then-used 20.6-kilometer (12.8 miles) setup, and so was this time. But starting in 2019, the Nurburgring began officially recording times on the full 20.832-kilometer (12.94 miles) lap. Using the 20.832 lap, the Project 8 recorded a time of 7:23.164. With that run, the 592-horsepower supercharged Project 8 is the first vehicle to set an official whole lap record in the mid-range production car class. Watch the 7:18 run in 360-degree video below.   This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.