Nissan Commits to the UK Despite Brexit Fears

Nissan was a vocal opponent of Brexit and warned that the U.K.’s split from Europe could hurt the economy. That was then. Now Nissan is recommitting itself to Britain.

The Japanese automaker, which operates the largest auto factory in the U.K., said it will bring production of its X-Trail vehicle to the U.K. and will continue producing Qashqai models in the country. The X-Trail is currently produced in Russia and Japan.

The company’s massive facility in Sunderland employs 7,000 people and produces over 470,000 vehicles per year. Nissan’s commitment to new production at Sunderland, while still making the Qashqai there, means these 7,000 jobs are safe.

Nissan (NSANY) said it was convinced to keep production in the country after getting reassurances from the British government, though it wouldn’t provide details.

Prime Minister Theresa May, in a statement Thursday, said only that “the government is committed to creating and supporting the right conditions for the automotive industry so it continues to grow.”

via CNN

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza