March 12, 2019 / 7:14 AM / 5 months ago

VW CEO hopeful a Brexit deal will be reached

WOLFSBURG, Germany, March 12 (Reuters) - Volkswagen’s Chief Executive Herbert Diess said he still believed that Britain and the European Union would strike an agreement to prevent a chaotic breakup of the European Union as Prime Minister Theresa May faces a crucial vote at home.

“We assume that some sort of agreement will be reached to prevent a no-deal Brexit from happening,” Herbert Diess said at the company’s annual results press conference in Wolfsburg, Germany on Tuesday.

“A no-deal would hurt us,” Diess said, explaining that Britain is an important export market for Volkswagen Group’s VW, Audi, Skoda and Porsche brands, while VW’s Britain-based Bentley brand also depended on access to the EU markets.

British Prime Minister Theresa May won legally binding Brexit assurances from the EU on Monday in a last ditch attempt to sway rebellious British lawmakers who have threatened to vote down her divorce deal again. (Reporting by Edward Taylor Editing by Tassilo Hummel)

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