Reynolds also reiterated his commitment to the manufacturers themselves, stating that “there is no route to net zero without backing British industries and workers”. He also told firms how the £2billion investment from Chancellor of the Exchequer Rachel Reeves in the autumn Budget will “support the latest research and development into these technologies, accelerating their commercial scale up and unlocking capital investment”.
To keep companies afloat while demand for EVs grows, another insider suggestion is that the government is weighing up whether to reduce fines for manufacturers straying over the mandate’s limit, which is set at 22 per cent of output for 2024. However, Reynolds reminded the public of the government’s commitment to the mandate as a whole, saying how the upcoming consultation “is about how, not if we reach this ambition”.
In the meantime, hundreds of jobs lay in the balance after both Ford and Stellantis (the owner of Vauxhall) decided to streamline UK operations in order to cut costs in light of tepid demand for EVs. Nissan, which has previously called on the government for “urgent action”, has also threatened job cuts if returns for investments are not met.
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