The president of Toyota has said a no-deal Brexit will push up car prices, and cause factories to suspend production.

Speaking in his capacity as chairman of the Japan Automobile Manufacturers Association (JAMA), Toyoda warned “contributions to the economy and employment in the UK and the EU” were at risk if the “unimpaired trade environment” between the UK and the EU were to end.

• European car makers urge Brexit negotiators to avoid no-deal scenario

Toyoda also called for the automobile industry’s activities to be based on shared standards, especially with regards to vehicle certification, and said Japanese brands were worried a no-deal Brexit was becoming more likely.

In a statement released by Japan’s equivalent to the Society of Motor Manufacturers and Traders, Toyoda said: “JAMA member companies currently operate 14 production plants and 17 research-and-development and design centres across the EU, including in the UK”.

Japanese factories based in the EU produced 1.5 million vehicles last year, and employed 170,000 either directly or indirectly. Toyoda said if no withdrawal agreement is reached and any potential transition period is not implemented: “corporate activities and consumers will be adversely affected by the impacts of suspended production activities resulting from failed just-in-time logistics operations, declines in revenue, and revised vehicle sales prices caused by spiralling logistics and production costs.”