June 9th, 2025
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A Japanese company called AESC has temporarily stopped building a large factory in South Carolina. This factory was going to make batteries for electric BMW cars. AESC stated that they paused the work because of "policy and market uncertainty." South Carolina's Governor, Henry McMaster, believes this stop is happening because electric car buyers might lose federal tax breaks. There are also questions about support for electric vehicle businesses and import taxes if Donald Trump becomes president. Even though construction has stopped, AESC still plans to hire 1,600 workers and invest $1.6 billion; they have already put $1 billion into the Florence plant. 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. People are worried that if Trump puts high taxes on imported goods, it could negatively affect South Carolina's partnerships with foreign companies like BMW, Michelin, and Samsung.
June 9th, 2025
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