June 9th, 2025
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Automotive Energy Supply Corp. (AESC), a Japanese company, has temporarily stopped building its $1.6 billion battery factory in South Carolina. They said this was due to "policy and market uncertainty." This factory was planned to make batteries for BMW's electric cars. South Carolina's Governor Henry McMaster believes the stop is because of possible changes to federal tax breaks for electric car buyers, financial help for EV businesses, and unclear tariffs under President Donald Trump's government. Even with this pause, AESC has promised to create 1,600 jobs and invest $1.6 billion, and they have already put $1 billion into the Florence factory. Meanwhile, South Carolina continues to invest a lot in electric vehicles. For example, Volkswagen-owned Scout Motors plans to invest $2 billion in a new factory to make electric SUVs by 2027. The bigger worry is how Trump's interest in high tariffs might affect the state's important partnerships with foreign companies like BMW, Michelin, and Samsung.
June 9th, 2025
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