UK Automotive Industry at a Crossroads: Urgent Clarity Needed on 'Made in EU' Status
The SMMT highlights concerns over whether the UK will be considered 'Made in EU' under the European Commission's Industrial Accelerator Act. With stiff competition from Chinese electric vehicles, the automotive sector needs a decisive political statement to ensure future investments and maintain strong EU-UK trade relations.
Britain's automotive industry is urging immediate clarity regarding its status under the European Commission's Industrial Accelerator Act. The Society of Motor Manufacturers and Traders (SMMT) fears that without a 'Made in EU' designation, future investments could be compromised.
The competition from affordable Chinese electric vehicles intensifies the urgency. EU-UK trade dynamics, influential in the global market, require stability, says SMMT chief executive Michael Hawes.
Britain's exclusion could jeopardize the €80 billion annual trade with the EU. The industry calls for a definitive political statement ahead of the EU-UK summit, with hopes of securing the automotive sector's future in a regulated market.
Google News