June 9th, 2025
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AESC, a Japanese company, has temporarily stopped building a $1.6 billion factory in South Carolina, explaining it's due to "policy and market uncertainty." This factory was planned to produce batteries for electric BMW cars. South Carolina's Governor, Henry McMaster, thinks the construction halt is because of possible changes to federal tax breaks for electric car buyers, incentives for EV businesses, and unclear import taxes under Donald Trump's administration. Even with this pause, AESC has promised to hire 1,600 workers and invest $1.6 billion, having already invested $1 billion in the Florence plant. At the same time, South Carolina continues to invest a lot in electric vehicles. For instance, Scout Motors plans to invest $2 billion in a new factory to build electric SUVs by 2027. A bigger worry is how Trump's idea of high import taxes might affect South Carolina's partnerships with foreign manufacturers like BMW, Michelin, and Samsung.
June 9th, 2025
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