Former Aston Martin Boss Fears UK Car Industry Could Collapse

As part of the UK and EU trade deal, “rules of origin” will require batteries for electric vehicles to only contain 50 percent of components sourced from outside the EU. If this is not achieved, UK car manufacturers could face substantial tariffs, increasing the cost of the vehicle when it gets exported. To prevent this, Autocar reports that Palmer has sent an open letter to the Prime Minister Boris Johnson and Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng urging for new gigafactories to be built in the UK to preserve its car industry. The message is clear: build batteries or the UK car industry could collapse. Without UK-sourced batteries, Palmer fears the Brexit trade deal will result in “crippling tariffs.””Without electric vehicle batteries made in the UK, the country’s auto industry risks becoming an antiquated relic and overtaken by China, Japan, America and Europe”, Palmer wrote, adding that the 800,000 jobs in the UK’s auto industry is at risk without well-established battery production.
Source: carbuzz.com