Hungary will veto an EU proposal that seeks to impose tariffs of up to 45% on imports of electric vehicles (EVs) made in China as the plan is "harmful and dangerous", Hungarian Foreign Minister Peter Szijjarto said on his Facebook page on Thursday.

The European Union is set to vote Friday on a massive tariff increase on Chinese electric vehicles that Germany fears could spark a trade war with Beijing. Reuters reported Wednesday that the measure already has enough votes to pass,

France, Greece, Italy, and Poland will vote on Friday for tariffs of up to 45 per cent on imports of electric vehicles (EVs) made in China, sources said, enough to get the European Union proposal passed in a move likely to increase trade tensions with Beijing.

Toyota Motor will postpone the start of electric-vehicle production in North America to the first half of 2026 due to design adjustment and slowing EV sales, the Nikkei business daily reported on Thursday.

The world's biggest automaker is reportedly pushing back the start of EV production in the U.S. to the second half of 2026, after slashing its global sales outlook for battery electrics.

"We’re still focused on our global [battery electric vehicle] target of 1.5M vehicles by 2026," said Toyota spokesperson Scott Vazin, adding that in the next two years it plans

Shares of Ford Motor Co. lost 1% in morning trading after the automaker said third-quarter U.S. vehicles sales were up 1% from a year ago, including a 12% increase in sales of electric vehicles. The results followed those by rival General Motors Co.

Ford Motor lost its lead in electric vehicle sales to crosstown rival General Motors during the third quarter, as the automaker’s EV growth slowed.

Ford on Wednesday became the latest U.S. automaker to report weaker growth in domestic new vehicle sales in the third quarter, as buyers continued to shy away from purchases on affordability concerns.