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delays Brexit EV trade rules, yet challenges remain ","eu-delays-brexit-ev-trade-rules-yet-challenges-remain","article/eu-delays-brexit-ev-trade-rules-yet-challenges-remain",{"_uid":557,"date":558,"tags":559,"editor":569,"content":579,"excerpt":713,"featured":50,"reporter":714,"_editable":718,"component":719,"seo_title":553,"categories":720,"visibility":724,"author_company":49,"featured_image":725,"seo_description":713,"author_full_name":49,"author_job_title":49,"formattedDate":729,"formattedArticleDate":730},"547ee766-bfc2-42f6-adb4-c888d19e4cd8","2024-01-05 00:00",[560,563,566],{"slug":561,"name":562},"europe","Europe",{"slug":564,"name":565},"uk","UK",{"slug":567,"name":568},"policy","Policy",[570],{"slug":571,"name":572,"content":573},"matthew-bird","Matthew Bird",{"job_title":574,"image":575,"bio":577,"linkedin":578},"Senior Editor - Supply Chains & Data Visualisation",{"filename":576},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":580,"content":581},"doc",[582,589,604,609,614,619,624,629,634,647,652,664,673,680,693,698,703,708],{"type":583,"attrs":584,"content":585},"paragraph",{"textAlign":49},[586],{"text":587,"type":588},"To strike a balance between avoiding additional costs and incentivising investment in local battery manufacturing capacity, the European Union (EU) and the United Kingdom (UK) struck a deal last month to extend current local content requirements for batteries and electric vehicles (EVs) until December 31, 2026. ","text",{"type":583,"attrs":590,"content":591},{"textAlign":49},[592,594,602],{"text":593,"type":588},"This recent decision results from ",{"text":595,"type":588,"marks":596},"several months of negotiations",[597],{"type":598,"attrs":599},"link",{"href":600,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/cathode-supply-poses-problems-for-post-brexit-ev-trade-rules","url",{"text":603,"type":588}," between the EU and the UK. The UK government and EU member states like Germany supported an extension, while mainly France opposed it. ",{"type":583,"attrs":605,"content":606},{"textAlign":49},[607],{"text":608,"type":588},"The three-year extension provides relief for the UK and European automotive and battery industries by removing the immediate threat of tariffs and increased costs. The European Automobile Manufacturers’ Association (ACEA) estimated that the new requirements, which were supposed to enter into force on January 1, 2024, would cost EU vehicle makers and consumers €4.3 billion ($4.7 billion) over the next three years.",{"type":583,"attrs":610,"content":611},{"textAlign":49},[612],{"text":613,"type":588},"Under the EU-UK Trade and Cooperation Agreement (TCA), which came into force in 2021, batteries and EVs traded between the EU and the UK must comply with local content requirements, so-called ‘rules of origin’, to be traded tariff-free. Rules of origin stipulate a minimum level of EU or UK-manufactured local content to qualify for a zero tariff rate; otherwise, a tariff, in this case of 10% on EVs, has to be paid.",{"type":583,"attrs":615,"content":616},{"textAlign":49},[617],{"text":618,"type":588},"The EU-UK TCA originally proposed a three-stage approach for introducing local content requirements. The first set of rules of origin requires that the local content value must reach 40% for EVs, 30% for battery cells and modules, and 30% for battery packs. ",{"type":583,"attrs":620,"content":621},{"textAlign":49},[622],{"text":623,"type":588},"As a result of the three-year extension of the current rules, the second stage that was to be introduced this year is scrapped. ",{"type":583,"attrs":625,"content":626},{"textAlign":49},[627],{"text":628,"type":588},"Battery and EV makers will now only need to meet the new and final local content requirements by January 1, 2027. These rules will be much more stringent, requiring that the local content value must reach 55% for EVs, 65% for battery cells and modules, and 70% for battery packs. ",{"type":583,"attrs":630,"content":631},{"textAlign":49},[632],{"text":633,"type":588},"Additionally, for the batteries, the cathode materials will need to be sourced from the EU/UK and for EVs, the battery pack must originate from either the UK or the EU.",{"type":583,"attrs":635,"content":636},{"textAlign":49},[637,639,645],{"text":638,"type":588},"The EU and the UK are each other’s ",{"text":640,"type":588,"marks":641},"biggest EV export markets",[642],{"type":598,"attrs":643},{"href":644,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://www.reuters.com/business/autos-transportation/eu-set-delay-tighter-rules-electric-vehicle-trade-with-britain-2023-12-06/",{"text":646,"type":588},". The UK is the EU’s number one market for vehicle exports by volume, including EU-made EVs, with about one million cars exported in 2022, according to ACEA. In the opposite direction, approximately 58% of UK-built cars are exported to the EU, according to the Society of Motor Manufacturers and Traders (SMMT).",{"type":583,"attrs":648,"content":649},{"textAlign":49},[650],{"text":651,"type":588},"The EU and the UK designed the rules of origin to incentivise investments in their domestic battery industries and to decrease their dependence on Chinese supply. Both actors stated that global competition, recent geopolitical developments, like supply disruptions and the Russian invasion of Ukraine, and macroeconomic conditions prompted them to announce the three-year extension.",{"type":583,"attrs":653,"content":654},{"textAlign":49},[655,657,662],{"text":656,"type":588},"This decision, characterised as a “one-off extension”, reflects the concerns of policymakers and industry alike that meeting the planned January 2024 rules of origin would have been challenging and highly disruptive, given the ",{"text":658,"type":588,"marks":659},"lack of cathode production ",[660],{"type":598,"attrs":661},{"href":600,"uuid":49,"anchor":49,"target":49,"linktype":601},{"text":663,"type":588},"in Europe. According to Benchmark, raw materials make up more than 65% of a battery cell cost, with cathode inputs responsible for about 56%, depending on the chemistry mix. ",{"type":583,"attrs":665,"content":666},{"textAlign":49},[667],{"type":668,"attrs":669},"image",{"id":49,"alt":670,"src":671,"title":49,"source":49,"copyright":49,"meta_data":672},"","https://a.storyblok.com/f/287943243085208/981e1a4eb9/bm-eu-rules-of-origin-cathode.png",{},{"type":674,"attrs":675,"content":677},"heading",{"level":676,"textAlign":49},4,[678],{"text":679,"type":588},"Challenging targets",{"type":583,"attrs":681,"content":682},{"textAlign":49},[683,685,691],{"text":684,"type":588},"But meeting the final rules in 2027, requiring that cathode materials need to be sourced from the EU/UK and a battery pack must originate from either the EU or the UK, is expected to be equally challenging. According to Benchmark’s ",{"text":686,"type":588,"marks":687},"Cathode Price Assessment",[688],{"type":598,"attrs":689},{"href":690,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://www.benchmarkminerals.com/price-assessments/cathode/portal/",{"text":692,"type":588},", Europe is only set to account for 3.1% of global cathode production capacity by the end of this decade, with China expecting to take a share of 84%. ",{"type":583,"attrs":694,"content":695},{"textAlign":49},[696],{"text":697,"type":588},"The region is already set to fall short of meeting its own demand for cathodes by 2027 – with Benchmark forecasting supply of around 116 gigawatt hours worth of material, only enough for around 1.7 million EVs. ",{"type":583,"attrs":699,"content":700},{"textAlign":49},[701],{"text":702,"type":588},"Rho Motion forecasts that passenger EV sales for Europe, including the UK, will be almost 6 million by then. ",{"type":583,"attrs":704,"content":705},{"textAlign":49},[706],{"text":707,"type":588},"The EU and the UK have recently announced funding to support the development of a local battery ecosystem and boost domestic battery manufacturing. The EU Commission announced a new €3 billion ($3.3 billion) instrument for three years for the European EV battery value chain, particularly around cell production, while the UK committed to invest over £2 billion ($2.6 billion) through its Advanced Manufacturing Plan.",{"type":583,"attrs":709,"content":710},{"textAlign":49},[711],{"text":712,"type":588},"The one-off extension brings temporary relief to European and UK EV manufacturers, but it remains to be seen if three years will be long enough to develop local battery supply chains and avoid tariffs. Given the current projects in the pipeline, it appears unlikely.","To strike a balance between avoiding additional costs and incentivising investment in local battery manufacturing capacity, the European Union (EU) and the United Kingdom (UK) struck a deal last month to extend current local content requirements for batteries and electric vehicles (EVs) until December 31, 2026. This recent decision results from several months of negotiations […]",[715],{"slug":571,"name":572,"content":716},{"job_title":574,"image":717,"bio":577,"linkedin":578},{"filename":576},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"547ee766-bfc2-42f6-adb4-c888d19e4cd8\", \"id\": \"\"}-->","article",[721],{"slug":722,"name":723},"ev","EV","private",{"id":49,"alt":670,"name":670,"focus":670,"title":670,"source":670,"filename":726,"copyright":670,"fieldtype":727,"meta_data":728,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/Europe-and-UK-scaled.jpg","asset",{"alt":670,"title":670,"source":670,"copyright":670},"Jan 05, 2024","5th January 2024",[],[],1792765736402]