Home Investments BMW Is Investing $1.7 Billion in Its South Carolina Factory To Produce Electric Vehicles
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As the new Inflation Reduction Act changes the requirements surrounding tax credits for electric vehicles, many automakers are looking to increase U.S. production of their EVs.
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BMW Group announced Oct. 19 that it would invest $1.7 billion in its U.S. operations, designated exclusively to support electric vehicle and EV battery production, CNBC reported.
The move could help boost sales while supporting the growing demand for EVs, which will aid the Biden administration’s goal to have 50% of all new vehicles sold by 2030 to be “zero-emissions vehicles.” That definition includes battery electric, plug-in hybrid electric, and fuel-cell electric cars, trucks, and SUVs.
In August, the Biden administration announced that, as part of the Inflation Reduction Act, tax credits for imported EVs and hybrid electric vehicles would be eliminated. However, roughly 20 models will still qualify for the tax credit, according to…
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