What's Going On With Stellantis (STLA) And Ford (F) Shares Today - Stellantis (NYSE:STLA)

Stellantis NV STLA reportedly warns the U.K. government of forced closure of its plants, leading to thousands of job losses, unless the parliament immediately renegotiates the Brexit trade deal.
The current Brexit deal terms state that 45% of EV value must come from Britain or the European Union (EU) from 2024 to avoid tariffs. As per this, Stellantis will incur tariffs from next year while exporting electric vehicles (EVs) to Europe, reported CNN.
"Manufacturers will not continue to invest and [instead will] relocate manufacturing operations outside of UK, as seen with previously established UK manufacturers such as Ford and Mini," the report quoted Stellantis.
The owner of Peugeot, Fiat, Vauxhall and Citroen brands suggested the U.K. Parliament reach a deal with the EU regarding extending the current rules related to parts sourcing until 2027 instead of the rule change in 2024.
A government spokesperson stated that the business secretary had raised the issue with the EU.
Agreeing with Stellantis' view, Ford Motor Co F also urged the government to extend current trade requirements related to rules of origin for EV until 2027, as it will increase consumer costs and slow the EV transition, as per Reuters.
Also read: Stellantis Acquires 33% Stake In Hydrogen Mobility Firm Symbio
Price Action: STLA shares are trading higher by 1.6% at $16.09 on the last check Wednesday.

What's Going On With Stellantis And Ford Shares Today