We made 1.7m cars last year (all cars built in the last quarter were produced at a loss due to the pounds decline)
oldman can you help me out with this ? Import raw materials add value via local labour and facilities. BTW large manufactruers hedge (ie fix and/or limit downside) of currency rates. Bit like airlines do with the oil price/fuel cost. Any raw materials imported at a high cost due to fx are equally matched by that part leaving for export with the rest of the costs (labour etc) lower. Now cars made here and sold locally are less profitable and cars made abroad and exported here are much less profitable. I very much doubt manufacturers are selling cars produced in Q4 at a loss, happy to see your justification. Genuine question.
In other news Merkel has supposedly made a number of approaches to sugget she visits Washington. Trump’s team have not even replied, thus likely first meeting at G7 in May or G20 in July which Germany are hosting. Far from calming his rhetoric on Germany post his victory he reiterated his view on the folly of Germany accepting 1m people about whom they knew very little. The pressure is mounting.