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That could cost EU plants 57.7 billion euros and UK factories 52.8 billion euros, they said.
"These figures paint a bleak picture of the devastation that would follow a 'no deal' Brexit," Mike Hawes, chief executive of Britain's Society of Motor Manufacturers and Traders (SMMT), said.
Associations that signed the statement included SMMT, the European Automobile Manufacturers' Association, the European Association of Automotive Suppliers and Germany's Association of the Automotive Industry.
A hard Brexit would see World Trade Organisation tariffs applied to trade across the English Channel, adding to pressure on Europe's car industry which is already reeling from the economic fallout of the coronavirus pandemic.
The tariffs, of 10 per cent for cars and up to 22 per cent for trucks and vans, would "almost certainly" need to be passed onto consumers, the associations said.
These losses would come on top of an estimated 100 billion euros in lost UK and EU production value so far this year, as car sales plunged during the pandemic.
New passenger car registrations in the EU dropped by 38 per cent in the first half of 2020, compared with the same period last year, while sales in Britain saw a 49 per cent drop.
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