September 4, 2022 – The $7,500 tax credit from the Inflation Reduction Act excludes foreign automakers. The move has prompted many automakers to start moving quickly. In a matter of weeks, several massive announcements have come from various automakers, each pertaining to battery production within North America.
Even larger OEMs like Hyundai and Kia are hopping mad they are excluded and are ready to put up a fight before the proposed Georgia EV battery plant comes online.
Other large automakers like Toyota and Honda are all making big, expensive moves amounting to billions of dollars worth of investment. Toyota just dropped an investment of another $2.5 billion into a future EV battery plant in North Carolina. Panasonic has started to make moves to dominate the US EV battery plant landscape with partner Tesla.