Should Britain exit the EU, the country would no longer have the benefit of duty-free trade within the union, resulting in heavy tariffs on exports and imports.
Tata has 19 independent companies in the United Kingdom, a Tata Sons spokesman said in the statement, including luxury carmaker Jaguar Land Rover, Tetley Tea and steel plants.
Jaguar Land Rover, headquartered in Coventry, Central England traces its history to 1922.
“We are a British business with a strong manufacturing base in this country, we call Britain home and we remain committed to all our manufacturing sites and investment decisions”, a JLR spokesperson said in a statement.
In a letter to JLR staff, company CEO Ralf Speth wrote that the automotive major was “convinced that we will be a stronger business – and a stronger country – if the United Kingdom remains a member of the European Union”.
In a statement emailed to Reuters, JLR said “as part of our standard business planning process, we regularly look at macro-economic and geo-political developments around the world”.
Considering things won’t change overnight, Jaguar Land Rover is confident that it will have enough time to work around its way.
Tata Motors-owned Jaguar Land Rover (JLR) has reportedly predicted an estimated 1 billion pounds loss by 2020 in the event of Britains exit from the European Union (EU) in tomorrows referendum.
It further added that Europe is a key strategic market for its business, comprising 20% of global sales, and the company remains absolutely committed to its customers in the EU. They said that they are working with the British government to ensure the automotive sector remains robust and competitive. With Brexit now a reality, this has changed the dynamics of business and trade globally and will also affect the auto manufacturers with origins in Britain.