June 9th, 2025
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A Japanese company called AESC has temporarily stopped building its $1.6 billion factory in South Carolina. This factory was going to make batteries for electric BMW cars. The company said they stopped because of "policy and market uncertainty." South Carolina's Governor Henry McMaster thinks this is because of possible changes to federal tax breaks for electric car buyers, support for EV businesses, and unclear taxes under 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 invested $1 billion in the Florence plant. At the same time, South Carolina continues to invest a lot in electric vehicles. For example, Scout Motors, which is owned by Volkswagen, 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 might affect South Carolina's relationships with foreign companies like BMW, Michelin, and Samsung.
June 9th, 2025
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