Federal regulators have concluded they don't have the proper jurisdiction to conduct a review of a planned $2.4 billion Chinese battery part manufacturing plant in Big Rapids, Michigan, the company said in a Tuesday statement in which they committed to moving forward with the project.
The U.S. Treasury Department, according to the statement, told Gotion Inc. that the company's purchase of land in the Big Rapids area is "not a covered real estate transaction and is not a covered transaction under the Defense Production Act of 1950."
"We voluntarily submitted all the needed documents to the U.S. Department of Treasury Committee on Foreign Investment in the U.S. to be transparent and accountable and received the response that it is not a covered transaction," said Chuck Thelen, vice president of North American Manufacturing for Gotion Inc.
