South Korea, Germany, and Japan have already lashed out at the US Government. The Germans and the Koreans publicly stated that they were not amused, while Japan went a step further. Japan’s Industry Minister, Yasutoshi Nishimura, accused the US of breaking World Trade Organization agreements. It makes sense that South Korea would be angry. As brilliant as the Hyundai Ioniq 5 is, we have no doubt that shoppers will look elsewhere if the tax cut no longer applies to it.
While all of this has been happening, we’ve seen a dramatic increase in companies announcing massive investments in the USA. The latest is GM, which recently announced that it will be investing $491 million at its Marion, Indiana, metal stamping operations to prepare the facility to produce a variety of steel and aluminum stamped parts for future products. Naturally, this includes EVs. Local manufacturing is the key to unlocking the $7,500 EV tax credit that will now be applicable for the next decade.
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