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In the weeks since the Leave vote won the EU Referendum, the financial markets have been turbulent and the value of the pound has dropped steadily.


But is it all bad news for the automotive industry over the long term? As you might expect, the picture is not black or white, and there are plenty of bright spots amid the mixed prospects for the years to come.


First of all, some confidence is needed, and the next Conservative Party leader should ultimately bring that. With Theresa May as the final candidate, the UK is set for a female prime minister – however as May is not a Brexiter, it is unlikely that she will file Article 50 before 2017 at the earliest.


Confidence and stability are important, and the Society of Motor Manufacturers and Traders called for the government to instil some confidence on the morning of the referendum result.


Even before 9am, SMMT chief executive Mike Hawes had said: "The British public has chosen a new future out of Europe. Government must now maintain economic stability and secure a deal with the EU which safeguards UK automotive interests."


He urged the government to secure tariff-free access to Europe and other markets around the world, allowing the automotive industry to recruit talent globally, while making the UK the leading destination for automotive investment in Europe.


Ultimately it is unlikely European car manufacturers will want to lose the major market of UK motoring enthusiasts, and vice versa - and with new trade deals outside of the EU, Brexit could prove to bring long-term impetus to the industry, once the short-term volatility calms down.