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☆ EU-made EVs would cost $4,100 more in UK under post-Brexit rules - SMMT
▼ + stars: | 2023-10-17 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

Free2Move Paris electric vehicles by Groupe PSA are displayed outside Paris city hall as the French car maker launches its free-floating car-sharing service in Paris, France, November 29, 2018. The Society of Motor Manufacturers and Traders (SMMT) said those same rules will also add 3,600 pounds to the average British-built EV sold in Europe. Automakers and industry groups like the SMMT have called for a three-year delay to implementing the rules of origin. The European Automobile Manufacturers' Association (ACEA) has said the rules could cost carmakers up to 4.3 billion euros ($4.53 billion) in tariffs and hit output. In June, Stefan Fuehring, a European Commission official overseeing the post-Brexit EU-UK trade agreement, said the EU rules of origin were "fit for purpose" and that the bloc was not considering changing them.

Persons: Gonzalo Fuentes, Mike Hawes, Stellantis, Stefan Fuehring, Nick Carey, Bernadette Baum Organizations: Groupe PSA, REUTERS, The Society of Motor Manufacturers, Traders, EU, European Union, Ford, European Automobile Manufacturers ' Association, European Commission, Thomson Locations: Paris, France, Britain, Europe, British, EU

☆ Exclusive: Britain, South Korea agree to extend tariff-free trade for two years
▼ + stars: | 2023-10-15 | by ( ) www.reuters.com time to read: +2 min

A Union Jack flag flutters in front of the Houses of Parliament in London, Britain, November 5, 2019. REUTERS/Hannah McKay/File photo Acquire Licensing RightsLONDON, Oct 16 (Reuters) - Britain and South Korea have agreed to extend a period of low or zero tariffs on bilateral trade by two years, ahead of talks to forge a new trade deal, the British government said on Monday, in a boost for the car industry. Annual trade between Britain and South Korea is worth 18 billion pounds ($21.9 billion), and the two sides will begin talks later this year on a new trade deal. Britain's minister for international trade, Nigel Huddleston, said extending the tariff-free period would provide welcome certainty for businesses. "This is fantastic news for UK businesses who can continue selling their fantastic goods with confidence to South Korea," Huddleston said.

Persons: Hannah McKay, Nigel Huddleston, " Huddleston, Mike Hawes, Hawes, Sachin Ravikumar, William James, Louise Heavens Organizations: REUTERS, European Union, EU, Society of Motor Manufacturers, Traders, Thomson Locations: London, Britain, South Korea, British, EVs

☆ UK car industry says 'confusion' on climate policy will hinder transition to EVs
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

LONDON, Sept 20 (Reuters) - The transition to electric cars in Britain will be hindered by any confusion over climate policy, the auto industry's trade body said on Wednesday, following reports that the government was planning to delay a 2030 ban on new petrol car sales. "The automotive industry has and continues to invest billions in new electric vehicles as the decarbonisation of road transport is essential if net zero is to be delivered," Society of Motor Manufacturers and Traders Chief Executive Mike Hawes said. "To make this a reality, however, consumers must want to make the switch, which requires from government a clear, consistent message, attractive incentives and charging infrastructure that gives confidence rather than anxiety," he added. "Confusion and uncertainty will only hold them back." Reporting by Sachin Ravikumar; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Hawes, Sachin Ravikumar, William James Our Organizations: Society of Motor Manufacturers, Traders, Thomson Locations: Britain

☆ Britain set to roll back climate pledges, enraging campaigners and auto groups
▼ + stars: | 2023-09-20 | by ( Jenni Reid | ) www.cnbc.com time to read: +4 min

U.K. Prime Minister Rishi Sunak speaks to the media during his visit to Shell St Fergus Gas Plant in Peterhead on July 31, 2023 in Aberdeenshire, Scotland. LONDON — U.K.-based industry bodies and automakers on Wednesday criticized British Prime Minister Rishi Sunak, amid reports that he is preparing to dilute several key net-zero climate pledges. A press representative for the prime minister's office declined to comment on the BBC report. However, interior minister Suella Braverman on Wednesday insisted in broadcast comments that the prime minister's approach to green policies was "pragmatic." On the long term, weakening the UK climate policies "could hurt economic growth by undermining domestic and overseas investment in a range of sectors that are developing and deploying clean technologies, such as heat pumps and electric vehicles.

Persons: Rishi Sunak, Sunak, Lisa Brankin, Brankin, Mike Hawes, Chris Skidmore, Suella Braverman, Bob Ward, Chris Hewett Organizations: Shell St Fergus Gas Plant, LONDON, British, BBC, Ford, Society of Motor Manufacturers, Traders, Ministers, Conservative Party, Labour, Grantham Research, Solar Energy Locations: Shell, Peterhead, Aberdeenshire, Scotland, Britain, Grantham, U.S, China, EU, India

LONDON (AP) — Prime Minister Rishi Sunak is preparing to water down some of Britain's environmental commitments on Wednesday, saying the country must fight climate change without penalizing workers and consumers. “For too many years, politicians in governments of all stripes have not been honest about costs and trade-offs," Sunak said. U.K. greenhouse gas emissions have fallen by 46% from 1990 levels, mainly because of the almost complete removal of coal from electricity generation. The government had pledged to reduce emissions by 68% of 1990 levels by 2030 and to reach net zero greenhouse gas emissions by 2050. Automakers, who have invested heavily in the switch to electric vehicles, expressed frustration at the government's apparent change of plan.

Persons: Rishi Sunak, Sunak, backtrack, Prince William —, Doug Parr, ”, Parr, Mike Hawes, Lisa Brankin, Tara, Hargreaves Lansdown, ” Copp, Sadiq Khan, “ We’re, Suella Braverman, Alok Sharma Organizations: —, Conservative Party, United Nations General Assembly, Greenpeace, Society of Motor Manufacturers, Traders, Ford, ” Britain's, Labour, London’s Labour, BBC Locations: Britain, New York, London Uxbridge, Glasgow

☆ The UK is delaying the switch to electric cars. Automakers are furious
▼ + stars: | 2023-09-20 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

A relaxation of 2030 would undermine all three,” Ford (F) UK chair Lisa Brankin said in a statement. “We and the whole automotive industry [need] clarity on the [EV] topic,” the German carmaker said in a statement shared with CNN. ‘Confusion’ will delay switch to EVsThe UK auto industry has been clawing its way back from rock bottom after car manufacturing hit a 66-year low in 2022. Reducing emissions from road transport “is the only way that you will achieve net zero,” Hawes told the BBC. The government’s own independent adviser on climate policy, the Climate Change Committee shares that view.

Persons: carmakers, Rishi Sunak, Sunak, “, ”, Sunak’s, ” Ford, Lisa Brankin, Brankin, carmaker, Mike Hawes, ” Hawes, Jobs, Sadiq Khan, ” Sunak, “ We’re, Alok Sharma, Simon Clarke, EVs, — Gemma Blundell, Doyle, Anna Cooban, Laura Paddison, Rob Picheta Organizations: London CNN, BMW, Oxford, Swindon, CNN, Fiat, Peugeot, Fiat Chrysler, France’s, India’s Tata Group, Society of Motor Manufacturers, Traders, BBC, Conservative Party, Labour Party’s London, Conservative Locations: Germany, France, Spain, Italy, Canada, Sweden, Ellesmere Port, Liverpool, Britain, London, Glasgow

☆ UK's car output continues growth streak for six months in July- SMMT
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

Aug 31 (Reuters) - Britain's car production rose for the sixth consecutive month in July as automakers continued to recover from global chip shortages, an industry body said on Thursday. "Six months of growth shows that British car production is recovering and, with electrified models increasingly driving volumes, the future is more positive," said SMMT Chief Executive Mike Hawes. The total number of cars produced, however, remained 29.4% lower from the pre-pandemic levels seen in July 2019. The UK's car industry, a significant driver of manufacturing and exports, got a boost last month when India's Tata Motors (TAMO.NS) committed to build a major EV battery plant in Britain to supply its Jaguar Land Rover factories. SMMT had said in July it could take five more years for Britain to return to producing 1 million or more cars a year.

Persons: Mike Hawes, India's Tata, Hawes, SMMT, Anchal Rana, Shilpi Majumdar Organizations: Society of Motor Manufacturers, Traders, India's Tata Motors, EV, Rover, Thomson Locations: Britain, Bengaluru

☆ Britain upgrades to also-ran in EV battery race
▼ + stars: | 2023-07-19 | by ( Neil Unmack | ) www.reuters.com time to read: +4 min

Prime Minister Rishi Sunak is joining the global arms race to secure future industries, but he has a long way to go. Europe may have 25 so-called gigafactories, vast plants that turn raw materials such as lithium into battery packs, by 2025. While both Theresa May and Boris Johnson tried, they failed to win over big global players like Tesla (TSLA.O), Samsung or Northvolt, which preferred European sites. The UK leader can at least now claim he can attract global players. But Tata’s 40 GWh of new capacity brings Britain’s total to just over 50 GWh by 2026, after factoring in the plant operated by China’s Envision in Sunderland.

Persons: Rishi Sunak, Joe Biden’s, Theresa May, Boris Johnson, Britishvolt, China’s, Sunak, George Hay, Pranav Kiran, Oliver Taslic Organizations: Reuters, Tata Group, Honda, Samsung, Tata, Rover, Toyota, The Society of Motor Manufacturers, Traders, Faraday, India’s Tata Group, Thomson Locations: Indian, Somerset, Japanese, Europe, United States, Britain, Sunderland

☆ Stellantis: Brexit deal must change or UK car factories will close
▼ + stars: | 2023-05-17 | by ( ) edition.cnn.com time to read: +3 min

British car factories will be forced to close with the loss of thousands of jobs if the government does not renegotiate its Brexit trade deal immediately, automaker Stellantis warned on Wednesday. “If the cost of EV manufacturing in the UK becomes uncompetitive and unsustainable, operations will close,” Stellantis said in a submission to a House of Commons committee examining the prospects for Britain’s electric vehicle industry. It’s 800,000 jobs in the UK, which is basically those jobs associated with the car industry,” said Palmer, who is also chairman of European battery manufacturer InoBat. Britain has drawn electric vehicle investment from Nissan (NSANF) and Ford (F), while other big players are still weighing up where to invest. Stellantis had announced a 100 million pound ($126 million) electric vehicle investment in its Ellesmere Port site in 2021.

☆ Change Brexit deal or watch factories close, carmaker Stellantis warns
▼ + stars: | 2023-05-16 | by ( Kate Holton | ) www.reuters.com time to read: +3 min

May 16 (Reuters) - British car factories will be forced to close with the loss of thousands of jobs if the government does not renegotiate its Brexit deal immediately, automaker Stellantis (STLAM.MI) warned on Wednesday. "Manufacturers will not continue to invest and (instead will) relocate manufacturing operations outside of UK, as seen with previously established UK manufacturers such as Ford and Mini." Under the trade deal agreed when Britain left the bloc, 45% of the value of an electric vehicle must come from Britain or the EU from 2024 to avoid tariffs. "If you don't have a battery capability in the UK, then those car manufacturers will move to mainland Europe." Britain has drawn electric vehicle investment from Nissan and Ford, while other big players are still weighing up where to invest.

☆ Bank of America expects this under-the-radar global EV charging stock to soar 118%
▼ + stars: | 2023-04-14 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Shares of U.K.-listed electric charging infrastructure firm Pod Point are expected to surge by 118% over the next 12 months, according to Bank of America. The investment bank increased its price target and predicted shares of the company would rise to £1.74 in a note on April 11. Bank of America expects the recent rise in the number of EVs in the U.K. to bolster demand for charging infrastructure and benefit the London-listed stock's bottom line. Pod Point, with a market cap of £120 million ($150 million), manufactures its EV chargers and provides customers in the U.K. and Norway access to its electricity network. BofA also said the discounted valuation for Pod Point shares is "unjustified" given the company's growth.

☆ UK new car sales jump 18% YoY in March; best ever month for EVs
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

April 5 (Reuters) - New car registrations in the UK rose for the eighth consecutive month in March, recording an 18.2% growth from a year earlier, and also marked the best month ever for battery electric car sales, according to industry data released on Wednesday. The Society of Motor Manufacturers and Traders (SMMT) said new car registrations jumped to 287,825 units as supply chain challenges continued to ease, making the first quarter of 2023 the strongest three-month period since 2019. Battery electric vehicle (BEV) sales reached a record monthly high of 46,626, representing 18.6% year-on-year growth, while petrol-powered vehicles remained the most popular fuel type, comprising 56.3% of new units in March. John Wilmot, CEO of car leasing comparison website LeaseLoco, said in a note that it would be foolhardy to declare the car industry is out of the woods just yet, as current reported numbers were still well below pre-Covid levels. Reporting by Sinchita Mitra and Aby Jose Koilparambil in Bengaluru; Editing by Shweta Agarwal and Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ UK new car sales rise 17% in March; best ever month for EVs
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: 1 min

April 5 (Reuters) - New car registrations in the United Kingdom rose for the eighth consecutive month in March, recording a more than 17% rise from a year earlier, according to preliminary industry data released on Wednesday. The Society of Motor Manufacturers and Traders (SMMT) said it was the biggest month ever for battery electric car registrations. The SMMT will provide the final figures for the month at 0900 GMT. Reporting by Sinchita Mitra in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

☆ London's FTSE 100 up for fourth day, Petrofac leads smallcaps higher
▼ + stars: | 2023-03-30 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

The FTSE 100 (.FTSE) rose 0.5%, while the FTSE 250 (.FTMC) added 1.1% by 0841 GMT. With a day left for the end of the first quarter of the year, the FTSE 100 is on track for gains of 2%, while the mid-cap index is likely to have a muted end. Top performing sectors this quarter include the FTSE 350 aerospace and defence (.FTNMX502010), construction and materials (.FTNMX501010) and retailers (.FTNMX404010). The FTSE 350 Automobiles and Parts sector (.FTNMX401010) added 2.5% and is among top-performing sectors this quarter. Moonpig Group PLC (MOONM.L) added 17.9% after the online card retailer said it expects revenue to expand across 2024.

☆ EVs are billed as the future. But a potential skills gap is sparking concerns about cost and safety
▼ + stars: | 2023-02-27 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +5 min

Thanks to growing concerns about emissions from road-based transportation, several big economies are gearing up for another huge change: the mass rollout of electric vehicles. There are concerns, however, that a skills gap may emerge in the near future, creating a big headache for both the automotive sector and drivers. "Aligned to Auto Trader Insight predictions, this suggests the skills gap — when there won't be enough technicians to service the electrified vehicle parc — will appear in 2029," it added. "But fundamentally, electric vehicles are totally different to internal combustion engine vehicles," he said. 'Chipping away at the skills gap'

☆ Britain's 2022 car production hits over six-decade low
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

SMMT, an automotive trade association in the UK, said 775,014 cars were made in Britain in 2022. UK factories, however, produced a record 234,066 battery electric vehicles (BEV), plug-in hybrid and hybrid electric vehicles, with combined volumes rising 4.5% year-on-year to account for almost a third of the overall car output. "These (total) figures reflect just how tough 2022 was for UK car manufacturing, though we still made more electric vehicles than ever before," SMMT Chief Executive Mike Hawes said. Total annual output for the domestic UK market rose 9.4%, while exports dropped 14%. In December, the overall car production fell 17.9% over the year earlier, snapping two straight months of growth in output.

☆ UK car production is at its weakest since 1956. And the industry is losing the EV race
▼ + stars: | 2023-01-25 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —UK car manufacturing hit a 66-year low in 2022, as the closure of two plants, a global shortage of semiconductors and the effect of Covid lockdowns in China on auto supply chains crippled output. “The relationship between the UK and the EU, especially as you electrify, is still fundamental to the success of UK car manufacturing,” he said. UK factories made a record 234,066 electric vehicles in 2022, almost a third of all UK car production. Aston Martin and Jaguar Land Rover, owned by India’s Tata Motors (TTM), are also positive about the prospects for electric vehicle manufacturing in the United Kingdom. “Our continued investment in our UK facilities … will herald an exciting new era of electric car production in the UK,” the company said.

☆ UK’s giga fail is economic not environmental
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

The collapse of a key battery manufacturer probably doesn’t compromise the government’s plan for the country to switch to electric vehicles. Its failure, however, knocks some 30 gigawatt hours out of Britain’s future battery manufacturing industry, over half of Britain’s forecast capacity by 2030 according to the Faraday Institution. The government’s plans to phase out new sales of internal combustion engines by 2030 can probably survive, thanks to imports from the likes of China’s BYD (002594.SZ), (1211.HK). But boosting battery production for a domestic industry will be hard, given Britain’s lack of raw materials and trade barriers with Europe. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ UK car sales hit 30-year low
▼ + stars: | 2023-01-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

The supply constraints saw many manufacturers prioritize the delivery of battery electric vehicles, which enjoyed record sales and overtook diesel cars for the first time in the UK market. Sales picked up in the last five months of the year, allowing the country to reclaim the position of Europe’s second-largest new car market by volume, behind only Germany. According to the SMMT, electric vehicles are now the second-most popular choice for new buyers after gasoline-powered cars. Diesel’s UK market share shrank by 40% on the previous year. In its most recent outlook, published in October, SMMT forecasts 1.8 million new car registrations in 2023, worth about £8.4 billion ($10 billion).

☆ UK new car sales up more than 20% in November - SMMT
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: 1 min

Dec 5 (Reuters) - British new car registrations rose for the fourth consecutive month in November, with a more than 20% jump, according to preliminary industry data released on Monday. The Society of Motor Manufacturers and Traders (SMMT) said plug-ins accounted for more than one in four new registrations in November. The SMMT will provide the final figures for the month at 0900 GMT. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ UK new car sales up by nearly a quarter in October - SMMT
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: 1 min

[1/2] New cars are pictured at a car dealership, as Britain's car industry body releases monthly new car sales figures, in Cheshire, Britain October 5, 2020 REUTERS/Jason CairnduffNov 4 (Reuters) - British new car registrations rose for the third consecutive month in October, up by around a quarter, according to preliminary industry data released on Friday. The Society of Motor Manufacturers and Traders (SMMT) said it expects a market recovery in 2023. The SMMT will provide the final figures for the month at 0900 GMT. Reporting by Amna Karimi in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ UK car output rises in August, soaring costs cast shadow over recovery
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

Sept 29 (Reuters) - British car production rose for a fourth straight month in August, compared with a year earlier, although record input costs cast a shadow over the sectors' recovery, the Society of Motor Manufacturers and Traders (SMMT) said on Thursday. The industry body warned that almost seven in 10 of its members have expressed concern about future business operations as they fret over rising energy bills. The SMMT welcomed the UK government's decision to cap prices of energy for businesses over the winter but said costs are expected to more than double again next year, with some manufacturers anticipating even steeper increases. Britain said last week it would cap wholesale electricity and gas costs for businesses at less than half the market rate from next month. ($1 = 0.9353 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by Muhammed Husain in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

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