Auto investments plunge by one-third on Brexit concerns

Auto-industry investment in the UK plunged by more than one-third in 2016 as carmakers concerned about Brexit deferred long-term commitments despite staying put for now.

Total investment pledges by automakers dropped to £1.6 billion ($2 billion) in 2016 from £2.5 billion in 2015, the Society of Motor Manufacturers and Traders said in a report Thursday. 

Despite the decline, the number of cars made in Britain rose to a 17-year high, driven by economic recovery across the European Union. 

Carmakers such as Nissan Motor Co, Toyota Motor Corp and Tata Motors Ltd’s Jaguar Land Rover sell much of their UK production abroad, and the