00:00I believe that British car companies should be at the forefront of the electric revolution.
00:06This is the race that we belong in. And so I think EV targets are a good thing.
00:13They're good for the climate, good for business certainty and investment, good for British
00:18manufacturing. But I accept those targets have to work for British manufacturers.
00:25And I don't want British firms like this one put in a position where you have to pay a hefty fine
00:32or buy credits from foreign EV companies. So today we're going to introduce much more flexibility
00:40into EV mandates. We're going to help car companies based in Britain reach the targets
00:47in a way that supports growth. We're going to cut down any fines which I don't want or
00:53expect to see by 20 percent. And any money that's raised will be invested directly back
01:00into support for the British car industry.
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