The UK automotive industry has called for swift government intervention to protect it from existential threats – such as protectionist trade policies and soaring energy costs – and guarantee its future prosperity.
The Society of Motor Manufacturers and Traders (SMMT), which represents the industry, warned the window for implementing safeguarding policies could close as early as 2024.
That year, European rules of origin – currently requiring at least 40% of the content in an electrified vehicle sold in the UK or Europe to be sourced from the region – will become 5% stricter.
