June 9th, 2025
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Automotive Energy Supply Corp. (AESC), a Japanese company, has temporarily stopped building a $1.6 billion factory in South Carolina. They said this was due to "policy and market uncertainty." This factory was supposed to make batteries for electric BMW cars. South Carolina's Governor Henry McMaster thinks the stop is because of possible loss of federal tax breaks for people buying electric vehicles and for EV companies, as well as unclear tariffs if Donald Trump becomes president again. Even though there's a pause, AESC has promised to create 1,600 jobs and invest $1.6 billion, and they have already put $1 billion into the Florence plant. Meanwhile, South Carolina is still investing a lot in electric vehicles. For example, Volkswagen-owned Scout Motors plans to invest $2 billion in a new plant to make electric SUVs by 2027. The bigger worry is how Trump's idea of high tariffs might affect the state's partnerships with foreign companies like BMW, Michelin, and Samsung.
June 9th, 2025
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