Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Warning from Industry Leaders: UK Needs Government Aid to Protect EV Market

by July 24, 2023
July 24, 2023
Warning from Industry Leaders: UK Needs Government Aid to Protect EV Market

Given the current rapidly approaching deadline to phase out petrol and diesel cars, many fear that UK buyers will have no choice but to turn to low-priced Chinese electric cars given their dominance in this sector of the market.

What’s more, this move has rekindled security worries around cars being fitted with spy features, with a number of officials – from the Royal United Services Institute and the Commons foreign affairs select committee – stating that anything to do with China will be a security threat.

Keith Hawes, Director of Nationwide Vehicle Contracts has shared his response: “The dominance in producing low-cost electric vehicles by the Chinese may or may not come as a surprise for some since they have been investing in EV vehicle technology for some considerable time. MG is perhaps the best-known Chinese brand currently in the UK selling a very capable range of electric versions. Not as well known is that Volvo and their EV brand, Polestar together with LVEC (London Electric Vehicle Company – building Taxis and Commercial vehicles in Coventry) are all owned by Chinese Geely Automotive. Over the coming months, we will see numerous new Chinese brands arriving in the UK.

In 2022, China accounted for around 60% of global electric car sales. However, there are now security concerns surrounding using these cars in Britain following escalating geopolitical tensions between China and the West. Fears focus specifically around sensor-packed cars that conceivably could share location and other data with the Chinese government. Policymakers are therefore likely going to continue to debate ways of ensuring a high standard for the cybersecurity of such a new industry and in particular vehicles manufactured in China.

Britain is extremely capable of making excellent electric cars, but our lack of access to raw materials and slow investment in building factory capacity to fuel a strong supply chain could take years to achieve capacity. We also need a clear unencumbered strategy for UK production. The UK Government should already be driving this at pace with local and prospective OEMs. The issue will be whether local production can compete on price with the potential wave of low-priced Chinese products on their way. Unless things happen quickly to develop these cars in the UK it may be too late.

As futuristic as it may sound given the electronic capability of existing vehicles it is theoretically possible for manufacturers to control certain features and collect data via telematics. Just as your mobile phone access is rigidly governed by strict data protection laws it would require drivers to agree data collection – many existing conventional and electric vehicles enable remote software updates therefore security concerns should be high on the agenda for users and UK Government. Provided that “lock-down” protocols are in place then there should not be any barriers to buying a new Chinese electric vehicle – in fact, there may be little alternative options at the economy end of the market which is where most buyers will sit for an EV. Electric cars do come with many other benefits which some may see as more important and impactful – from lower running and maintenance costs plus zero congestion/Low emission charges and other taxation advantages. However, the downside is the fast charging infrastructure which currently is well behind the curve in current EV sales.”

Read more:
Warning from Industry Leaders: UK Needs Government Aid to Protect EV Market

0
FacebookTwitterGoogle +Pinterest
previous post
Octopus Energy pledges £15bn investment in offshore wind by the end of the decade
next post
How to work on your web content with Rank Tracker in 2023

You may also like

Investors pull back from UK as economic gloom...

February 18, 2025

Where to buy Telegram members in the UK?

March 9, 2023

Sotheby’s reports near-record $7.9bn in sales as covid...

January 31, 2024

One in four workers fear AI could cost...

April 28, 2025

Lloyds profits squeezed as it braces for loan...

October 27, 2022

Santander UK partners with Unibeez to help UK...

April 19, 2023

Did Ben Elton predict his beloved Labour’s taxing...

January 13, 2025

A Comprehensive Guide for Forex Trading Strategies

December 4, 2023

New car sales up for tenth consecutive month

June 5, 2023

Tory Welfare Reforms Cost Working-Age Families Thousands, Pensioners...

June 13, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • 3 Stock Setups for the Second Half of 2025

      June 28, 2025
    • Trump touts administration’s progress on peace deals, says world leaders ‘respect our country again’

      June 27, 2025
    • Venezuelan opposition member details harrowing 400-day captivity at UN

      June 27, 2025
    • Anxious Republicans turn to Trump amid divisions over ‘big, beautiful bill’

      June 27, 2025
    • JD Vance poised to clinch victory for Trump’s landmark bill as GOP finalizes strategy

      June 27, 2025
    • Trump secures record-shattering $1.4B for political war chest, will be ‘dominant force’ for GOP in midterms

      June 27, 2025

    Categories

    • Business (8,329)
    • Investing (2,081)
    • Politics (15,841)
    • Stocks (3,176)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved