12/6/2023, 12:53 PM (Source: TeleTrader)
more TeleTrader news

EU proposes tariff delay in EV trade with UK

The European Commission submitted a proposal on Wednesday to delay the implementation of tariffs for electric vehicles and batteries bought from and sold to the United Kingdom. The Commission argued that circumstances including the Ukraine war and COVID-19 resulted in an undersupply of batteries, with the EV industry raising concerns that EU-made vehicles "will not comply with the incoming rules on origin" when they are imposed on January 1, 2024.

The Commission proposed the rules of origin for electric accumulators and EVs be delayed until the end of 2026 with no allowance for further postponements. "By providing legal certainty on the applicable rules and unprecedented financial support to European producers of sustainable batteries, we will bolster the competitive edge of our industry, with a strong value chain for batteries and electric vehicles. This is a balanced solution that protects the EU’s interests," the Commission's Executive Vice-President Maros Sefcovic said.

Baha Breaking News (BBN) / DJ