"UK Electric Vehicle Makers Face Tariff Threat: A Potential £1.4 Billion Blow British electric vehicle (EV) manufacturers are facing a major hurdle in their efforts to maintain a competitive edge in the European market. The Society of Motor Manufacturers and Traders (SMMT) has warned that British EV makers will be forced to pay a staggering £1.4 billion ($1.85 billion) in tariffs if a solution is not found to address local content requirements with the EU. The tariffs, which would come into effect if a trade agreement is not reached, could severely impact the industry's ability to export vehicles to the EU, potentially disrupting the supply chains and jobs of thousands of workers. As the UK and EU continue to negotiate the terms of their post-Brexit trade relationship, the clock is ticking for British EV makers to find a solution to this pressing issue."
The SMMT says British EV makers will have to pay £1.4 billion ($1.85 billion) in tariffs if there is no solution on local content requirements with the EU.
