Stellantis warns of halting EV production in UK due to EV sales mandate [Yahoo! Finance]
Stellantis N.V. Common Shares (STLA)
Company Research
Source: Yahoo! Finance
This move comes in response to the stringent zero-emissions vehicle sales targets set by the country. Stellantis' managing director for the region Maria Grazia Davino said that these sales targets are “unsustainable”. Davino revealed this during a press conference organised by the Society of Motor Manufacturers and Traders (SMMT) in London. Bloomberg quoted Davino as saying: “We have undertaken big investments both in Ellesmere Port and in Luton and more to come. But if this market becomes hostile for us, we will enter an evaluation of producing elsewhere.” Davino added that a decision regarding the company's UK production is expected “in less than a year”. In the upcoming general election on 4 July 2024, both major political parties, the Conservative and Labour, are standing firm on maintaining the current EV sales targets. The UK mandates that 22% of each manufacturer's new car sales this year must be zero-emission, escalating to 80% by 2030. For vans, the requirement
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