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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.

BMW profit of $2.7B is down as automaker invests to keep luxury lead

Despite selling 6.6-percent more vehicles - a record by volume - and posting higher revenues in the second quarter of 2013, BMW Group's profit of 2.07 million euros ($2.75 billion) is down 8.8 percent from last year. Investments in new technology (e.g. the new i3) and personnel, in addition to a competitive market, are to blame, BMW states. But the automaker remains committed to its fiscal targets for 2013, which, Chairman of the Board of Management of BMW AG, Norbert Reithofer, says will be "on a similar scale to 2012."
The BMW brand's sales performance in the first half of the year, which increased by 7.7 percent to 804,258 vehicles delivered, was good enough for it to maintain its lead in the luxury market, narrowly beating Audi, which delivered 780,510 vehicles, Automotive News reports. Mercedes-Benz delivered 694,433 vehicles to cement third place.

NBA sneakerhead P.J. Tucker has Rolls-Royce Jordan 3s that match his Cullinan

There aren't many sneakers that 33-year-old Houston Rockets forward P.J. Tucker does not own. The only sneakers he hasn't gotten his hands on are likely rare grails normal people have never even heard of. His collection surpasses 2200 shoes, and he spent more than $200,000 on sneakers just during the 2017-2018 season. For sneaker fanatics, nearly every time he steps on the court is a throwback to a moment in shoe history or the creation of a new one. Tucker debuted Jerry Lorenzo's Fear of God Nike collaboration. He wore Stewie Griffin-themed Nike LeBron 6s that are valued at about $20,000 on Christmas day. Highly sought-after Nike Off-Whites are like Converse Chucks to him. So, what can you gift the sneakerhead who has everything? Houston-based Post Oak Motors knew it couldn't just gift any old pair of kicks from Flight Club, so the dealership commissioned a pair of Rolls-Royce-themed Air Jordan 3s to match the Rolls-Royce Cullinan that Tucker had recently purchased. The custom kicks were crafted by Jake Danklefs and his crew at Dank & Co. As shown in his Instagram post below, they were made to mirror the color scheme of the Cullinan Tucker ordered, which has white paint over a red interior. From afar, they look pretty similar to the Pure White Jordan 3 retros, but the details set it far apart from that general release shoe. Aside from the red guts and icey translucent outsole, the shoe is made entirely of various textures and hues of white. It has gloss, it has matte leather, it has alligator print, and it has a secondary reptile print. It all comes together with the double-R Rolls-Royce logo on the tongue. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Tucker likes his cars, too. In addition to his Cullinan, he's flashed on Instagram a Miami Blue AWT Motorsports Porsche 911, a Rolls-Royce Phantom, a Lamborghini Aventador Roadster, and a Ferrari 488 Spider. He even has a photo of him with an old gold Nissan Maxima similar to the one his mom bought him for his first car when he was 14 years old. To some, this kind of sneaker obsession might seem frivolous or silly, but who are we to speak? We're car nerds, possibly the most money-sucking hobby there is. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: PJ Tucker via Instagram, Jake Danklefs Auto News Celebrities Rolls-Royce merchandise