UK to Produce Electric Vehicle Batteries Domestically, Says Finance Minister Jeremy Hunt
Published By: Paras Yadav
Last Updated: May 19, 2023, 17:22 IST
Image used for Representation. (Photo: Reuters)
Finance minister Jeremy Hunt said, “We are absolutely committed to making sure the UK is able to source onshore EV batteries that we need”
Britain will ensure that batteries needed to power electric vehicles (EVs) are produced domestically, finance minister Jeremy Hunt said on Thursday, a day after carmakers warned insufficient production could hurt investment in the country.
“We are absolutely committed to making sure the UK is able to source onshore EV batteries that we need,” Hunt said in a presentation to manufacturers on Thursday.
Also Read: China Overtakes Japan to Become World’s Biggest Exporter of Cars, Details Here
Stellantis, the world’s third-largest carmaker by sales, said on Wednesday that under Britain’s post-Brexit deal with the European Union it would face tariffs when exporting electric vans to the bloc from next year.
Under the deal, 45% of the value of an EV sold in the EU must come from Britain or the EU from 2024 to avoid tariffs. A battery pack can account for up to half a new EV’s cost.
Stellantis called for a delay in the introduction of the new tariffs, a proposal echoed by Ford.
On Wednesday, Hunt urged the industry to “watch this space” on the issue of British battery production.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)
Published By: Paras Yadav
Last Updated: May 19, 2023, 17:22 IST
Image used for Representation. (Photo: Reuters)
Finance minister Jeremy Hunt said, “We are absolutely committed to making sure the UK is able to source onshore EV batteries that we need”
Britain will ensure that batteries needed to power electric vehicles (EVs) are produced domestically, finance minister Jeremy Hunt said on Thursday, a day after carmakers warned insufficient production could hurt investment in the country.
“We are absolutely committed to making sure the UK is able to source onshore EV batteries that we need,” Hunt said in a presentation to manufacturers on Thursday.
Also Read: China Overtakes Japan to Become World’s Biggest Exporter of Cars, Details Here
Stellantis, the world’s third-largest carmaker by sales, said on Wednesday that under Britain’s post-Brexit deal with the European Union it would face tariffs when exporting electric vans to the bloc from next year.
Under the deal, 45% of the value of an EV sold in the EU must come from Britain or the EU from 2024 to avoid tariffs. A battery pack can account for up to half a new EV’s cost.
Stellantis called for a delay in the introduction of the new tariffs, a proposal echoed by Ford.
On Wednesday, Hunt urged the industry to “watch this space” on the issue of British battery production.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)
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