Leading tyre manufacturers have started to offer their assessments of the UK electorate’s decision to leave the European Union, with Continental AG Chief Executive Officer Dr Elmer Degenhart describing it as very worrying.

Dr Degenhart said that the approach of every man for themselves does not fit in with the formation of the EU and is not the correct answer to the global competition challenges from Asia and America.

However, he stopped short of saying that the result will have any direct implications for his company because Continental currently generates fewer than 3% of its sales in the UK and expects to remain successful in this market moving forward.

Meanwhile, Goodyear Dunlop UK and Ireland affirmed the tyre market value of the UK, insisting that the UK will still be a key market for Goodyear, although the statement from the company also acknowledged that there may be further developments in the situation that may force them to reassess it.

On the other hand, Pirelli was quick to play down the impact of the ‘leave’ victory on its business in the UK, stating that they will need to balance pricing and costs for the internal market.

The firm added that in terms of exports, a control of operating costs and devaluation of the sterling should offset higher raw material costs.

Representatives of the UK’s automotive industry, the Society of Motor Manufacturers and Traders (SMMT) were advocates of the ‘remain’ vote and are now calling for tariff free access to the European markets.

Chief Executive of SMMT, Mike Hawes, said that now the British public has decided on a new future outside of the European Union, the Government must now ensure that it maintains economic stability and strike up a deal with the EU to safeguard the automotive interests of the UK, including the security of tariff-free access.