BMW’s decision to invest over £600 million in manufacturing electric Minis in Oxford is seen as a boost to the UK car industry, which has struggled due to plant closures, component shortages, and companies moving operations abroad. China’s emergence as a major player in the electric vehicle market poses a threat to Western automakers. China has built up its own EV industry and is now pushing into Europe, with sales potentially reaching 1.5 million vehicles by 2030. China’s industry benefits from state subsidies, unchecked bank lending, and a strong supply chain in clean tech. In response, the US has implemented the Inflation Reduction Act, directing funding towards clean tech and EVs. However, discontent among autoworkers in the US may lead to a strike, impacting the economy. The EU allows member states to match incentives offered elsewhere, while the UK and Germany are seeking to postpone tariffs on EV sales between the UK and the EU. France is subsidizing EVs based on emissions, hitting Chinese manufacturers using electricity from coal.
>>Join our Facebook Group be part of community. <<