June 9th, 2025
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A Japanese company, AESC, has temporarily stopped building its $1.6 billion factory in South Carolina. They explained this is due to "policy and market uncertainty." The factory was going to make batteries for electric BMW cars. South Carolina's Governor Henry McMaster thinks the construction stopped because of possible changes to federal tax breaks for people buying electric cars, benefits for electric vehicle businesses, and unclear import taxes under President Donald Trump's government. Even though they paused, AESC has promised to hire 1,600 workers and invest $1.6 billion, and they have already put $1 billion into the Florence plant. At the same time, South Carolina is still investing a lot in electric vehicles. For example, Scout Motors plans to invest $2 billion in a new factory to make electric SUVs by 2027. A bigger worry is how Trump's idea of high import taxes could affect the state's partnerships with foreign companies like BMW, Michelin, and Samsung.
June 9th, 2025
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