The Japanese automaker Honda has announced the decision at media conference in Tokyo, where Honda’s president and CEO, Takahiro Hachigo, told reporters the decision was based on what made most sense for its global competitiveness in light of the need to accelerate its production of electric vehicles.

“We still don’t know what sort of changes Brexit will bring at this point,” he said. “We have to wait until we have a better idea about the situation.”

The Japanese automaker Honda has announced the decision at media conference in Tokyo, where Honda’s president and CEO, Takahiro Hachigo, told reporters the decision was based on what made most sense for its global competitiveness in light of the need to accelerate its production of electric vehicles.

“We still don’t know what sort of changes Brexit will bring at this point,” he said. “We have to wait until we have a better idea about the situation.”