South Korean electric vehicle (EV) manufacturers are reconsidering a substantial $54 billion investment in U.S. battery plants due to potential policy changes under President-elect Donald Trump. Concerns have arisen over the possibility of Trump eliminating tax credits for EVs, which could significantly affect demand and profitability.
What Happened: Some of Tesla’s South Korean rivals have already paused construction on certain projects, as sources familiar with the situation reported. Posco Future M, a supplier for General Motors Co. (NYSE:GM) has delayed the completion of its Quebec plant, citing “local conditions,” Bloomberg reported on Monday.
