News has broken that Vauxhall and Fiat manufacturer Stellantis has urged the government to renegotiate rules in the Brexit trade deal that it says could now force it to shut some of its UK operations, putting thousands of jobs at risk. This comes just two years after the future of its electric car plants in Ellesmere Port and Luton were believed to be safe. However, it now says it can no longer meet rules in the Brexit trade deal signed by Boris Johnson that require 45% of parts by value to be sourced in the UK or EU by 2024. More at: https://www.theguardian.com/business/2023/may/17/vauxhall-maker-says-brexit-deal-must-be-renegotiated-or-it-could-shut-uk-plant
China is so far ahead in making electric car batteries for electric cars that the rest of the world may take decades to catch up, despite billions in Western investment writes The New York Times briefing on 17 May.
“The country has bought its way into a cheap and steady supply of essential rare minerals needed to make the batteries. China controls 41 percent of the world’s cobalt, mostly by owning mines in the Democratic Republic of Congo. Investments in Indonesia will help China become the largest controller of nickel by 2027, according to a consulting firm.
“And regardless of who mines the minerals, nearly everything is shipped to China to be refined. Chinese companies are supported by the government with cheap land and energy and can refine minerals at a larger volume and a lower cost. China’s loose environmental regulations also mean there’s less spent on cutting down on pollution.”
Latest on the impact of the Brexit trade agreement at: https://www.theguardian.com/business/2023/may/17/why-is-a-leading-carmaker-urging-uk-to-overhaul-brexit-deal-stellantis