Britain and the EU are holding negotiations over the issue but Brussels is expected to maintain a hardline until the autumn.
Failure to bolster the supply chains for electric cars, coupled with looming post-Brexit tariffs, could cost the UK’s car industry over £100bn in growth, a leading industry group has warned.
The UK is lobbying the EU over a Brexit trade deal deadline that carmakers have warned pose a threat to UK industry.
Stellantis, which also owns Citroen, Peugeot and Fiat and employs more than 5,000 people in the UK, says its UK investments were in the balance due to terms of Brexit trade deal.
Barclays PLC is planning to hire 200 new traders in Paris in a fresh blow to the Square Mile in the wake of Brexit.
Cars remain the UK’s No 1 export but volatile energy prices and the cost of complying with EU regulations post-Brexit are blunting the industry’s competitive advantage, the sector’s trade body has said.
Society of Motor Manufacturers and Traders cuts 2021 forecast after 35.5% year-on-year decline
An industry leader told MPs that the movement of parts is a ‘major challenge’.
Tariff hit for electric vehicles likely to be £2,800 per car, with risks to UK’s net zero plans.