The UK automotive industry has today welcomed the European Commission’s proposal to extend the current rules of origin for electric vehicle batteries under the Trade Cooperation Agreement (TCA) until 2027 – and urged every government to back it. The Society of Motor Manufacturers and Traders (SMMT) said extending the rules for three years would avoid a tariff cliff-edge in just 26 days’ time, allowing the UK and EU automotive industries to continue to sell EVs into each other’s markets without penalty.
SMMT, alongside its EU counterparts, has warned consistently of the threat tougher locally sourced content requirements would pose to the industry on both sides of the Channel, if applied from 2024. While the industry has invested billions in EV production both in the UK and EU, local battery supply needs more time to expand to meet demand.
CT Automotive plc (LON:CTA) designs, develops and manufactures automotive interior finishes and complex kinematic assemblies for the most well-known automotive brands on the planet. These critical components are managed through an intricate global network of reactive supply chains to arrive JIT (Just in Time) at their respective OEM manufacturing plants.