UK risks 'catastrophic' £1.6billion blow without urgent changes to European Union EV policy

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UK risks 'catastrophic' £1.6billion blow without urgent changes to European Union EV policy.

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The UK could be slapped with a huge bill within years unless the European Union adjusts its trade policy, an automotive industry giant has warned.In a letter to the leaders of the European Union, the European Automobile Manufacturers Association (ACEA) has urged the bloc to amend the battery Rules of Origin in the EU-UK Trade and Cooperation Agreement (TCA).The industry voice has warned that requirements set to be introduced in January 2027 cannot be met by automotive manufacturers across the continent.It highlights that the EU is expected to export more than half a million electric passenger cars and vans to the UK next year, worth a staggering €17.9billion (£15.4billion).

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TRENDING Stories Videos Your Say However, 82 per cent of these exports may fail to meet incoming Rules of Origin requirements, meaning these vehicles would face a 10 per cent customs duty.This would result in an estimated cost of €1.87billion (£1.6billion) in 2027 alone, and is likely to grow dramatically over the...

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