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 meant to produce batteries for electric BMW cars. South Carolina's Governor Henry McMaster believes the stop is because of possible changes to federal tax breaks for electric car buyers, incentives for EV businesses, and unclear tariffs if Donald Trump becomes president again. Even though construction is 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. 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 plant to make electric SUVs by 2027. A 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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