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Britain’s carmakers have issued a stark warning about Brexit‘s impact on the industry, warning that two-thirds of the country’s production is at risk if the U.K. leaves the European Union without an agreement on future trade.

The Society of Motor Manufacturing said Thursday that the industry is on «red alert» as the threat of no-deal increases.

The trade association says investment in the industry fell 46 percent last year and new car production dropped 9.1 percent to 1.52 million vehicles in 2018, in part because of concerns over Brexit.

But chief executive Mike Hawes says «this is nothing compared with the permanent devastation caused by severing our frictionless trade links overnight, not just with the EU but with the many other global markets with which we currently trade freely.»