European Commission vice-president Maros Sefcovic told the Financial Times that the European Union would interpret “made in Europe” EV rules “very loosely in 2024,” giving carmakers more time to switch battery sourcing from Asia to Europe in an attempt to defuse a row over new rules that will enforce tariffs on electric vehicle sales between the UK and the bloc. The post-Brexit Trade and Cooperation Agreement dictates that tariffs of 10% will be imposed on EVs shipped across the Channel if they have batteries substantially made outside Europe or the UK, the FT noted. Publicly traded companies in the space include Ford (F), General Motors (GM), Honda (HMC), Mercedes-Benz Group (DDAIF), Nissan (NSANY), Stellantis (STLA), Tesla (TSLA), Toyota (TM) and Volkswagen (VWAGY).
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