Aston Martin CMO: We Have No Interest in Making Cheaper Cars
*By Michael Teich*
Brexit could be a major bump in the road for Aston Martin if it disrupts trade with the automaker's European partners, said the company's CMO Simon Sproule.
"The biggest threat to us of Brexit is non-tariff barriers, because if you end up getting import duties on Astons going into Europe, then you're going to get import duties on Ferraris coming into the UK. So it's a zero-sum game," Sproule said Tuesday in an interview on Cheddar.
The Brexit withdrawal process began March 29, 2017 after a countrywide vote, and the UK is set to depart from the European Union on March 29, 2019.
A new report from the Federation of German Industries said a "hard Brexit" ー meaning in the absence of a deal between the EU and the UK ー could cause exports to Britain from the rest of the EU to drop by as much as [57 percent](https://www.dw.com/en/german-industry-warns-against-hard-brexit/av-45818058).
That kind of trade disturbance would not be good for business, Sproule said.
"What we're lobbying the government most strongly about is to ensure the free flow of parts and obviously completed vehicles," he added.
Aston Martin ($AML.L) is the latest luxury automaker to make its market debut. Despite a rough start on the London Stock Exchange since its Oct. 3 IPO ー shares are down 16 percent since ー Sproule said patient investors will benefit from the company's future growth.
"The IPO was effectively a marker in our evolution," he said. "People that have been buying into us are buying in for the long term. They buy into the equity story, they buy into the future potential of Aston Martin."
For full interview [click here](https://cheddar.com/videos/aston-martin-cmo-we-have-no-interest-in-making-cheaper-cars).
John Coffee, Law Professor at Columbia University, joined Closing Bell to discuss the latest obstacle in Elon Musk's attempted Twitter takeover, as the billionaire claims the company is hiding accurate information about the number of fake accounts on the platform.
Bill Nye the Science Guy is back but on an even smaller screen. America’s favorite science teacher has racked up more than eight million followers on TikTok, and he joined Cheddar News to talk about his success on the platform, having fun but also being serious about scientific topics like tackling climate change, and his newest hosting project "The End is Nye," a streaming show on Peacock that examines disasters — both natural and manmade. "There are six episodes. We have big disasters. Things go terribly wrong, and then we show you how things could have gone right," he explained.
With the temperature heating up and summer around the corner, we're all enjoying the great outdoors once again. As much as you love a day at the beach, it's important to remember that the beautiful weather can take a toll on your skin if you aren't careful. Board-certified dermatologist Dr. Michelle Henry joins Cheddar News to discuss.
Catching you up on today's entertainment headlines with "Top Gun: Maverick" hitting $500 million at the box office, Queen Elizabeth II celebrating her Platinum Jubilee — with Paddington Bear, Mariah Carey being sued over her hit “All I Want For Christmas Is You," coverage from the MTV Music and Video Awards, and more.
The labor market continues to be hot, with job openings at record highs and jobless claims dropping by the thousands. While that's good news for workers, experts say it can add to inflation risks and make the Fed's job even harder when it comes to cooling inflation. José Torres, Senior Economist at Interactive Brokers, breaks down what a tight labor market means for the economy.
The labor market continues to be strong. The U.S. added 390,000 jobs in May, while the unemployment rate held steady at 3.6%. Julia Pollak, Chief Economist for ZipRecruiter, breaks down the latest data and what it means for the economy.
On today's Biz Breakdown, Musk invites more in-office mandates, you can now pay with Bitcoins for burritos at Chipotle, and 'All I Want For Christmas Is You' faces a new lawsuit.
Another incredibly deadly weekend with more gun violence breaking out across the U.S. and UK Prime Minister Boris Johnson faces a confidence vote today. Here is everything you Need2Know for Monday, June 6, 2022.
U.S. stocks closed Friday's session near session to cap off the week in the red. The disappointing end to the day and week follows a lukewarm May jobs report from the Labor Department and comes as investors continue to eye future rate hikes from the Federal Reserve. Callie Cox, U.S. Investment Analyst for eToro, joins Cheddar News' Closing Bell to discuss.
