Yes, amazing, isn't it. These buggers have more money than sense...

First 35827 Last

Share
Profile

Follow
tbirdsrgo

14,065 Posts.

476

22/07/24

15:42

Post #: 74859639
Share

Originally posted by birdman29: ↑

LG Slows EV Cell Plant With GM in US as Political Worries Swirl
Heejin Kim
Mon 22 July 2024 at 1:43 pm

(Bloomberg) -- South Korean battery maker LG Energy Solution Ltd. is slowing construction of its third plant with General Motors Co. in Michigan amid lacklustre demand for electric cars and as foreign firms worry about political change in the US...

Battery makers globally are suffering from lower sales as consumer demand for electric cars wanes. For Korean companies in particular, the looming US presidential election is another big risk...

Former President Donald Trump has vowed to take action against the so-called Inflation Reduction Act and wind back Biden’s pro-EV policies should he win the election...

GM, which had planned to have three plants with LG in the US in order to receive tax credits from the IRA, is meanwhile walking back expectations for the company’s EV program. CEO Mary Barra said last week that GM won’t have production capacity in place to build one million EVs at the end of next year, which was the previous target.
It’s not only LG expressing worries over capital outlays and weakening demand for batteries...

South Korea’s third other large cell maker, SK On Co., has also declared an emergency after generating a big loss in the first quarter...

Ford delayed the start of a second Kentucky facility as EV sales slowed. Korean battery makers may want to scale back their investment plans for battery plants in the US if there’s any change in the IRA after the US presidential election, a June report from the state-run Korea Institute for Industrial Economics & Trade said.

Expand

Yes, amazing, isn't it. These buggers have more money than sense OR is this what it was always all about (from your post):

"GM, which had planned to have three plants with LG in the US in order to receive tax credits from the IRA" - highlight added.
4 Upvote

Reply

Top Stories

THL

Tourism Holdings says Liberation Day tariffs smashed US RV demand

AII

Inside the Depths of Panasqueira: A Legacy Carved in Rock

Trump chides Powell as Goldman call for calm. The RBA must be nervous

NMG

New Murchison Gold blasts off at Crown Prince as 'better than expected' results return

DMP

Is Domino's a steal after -25% plunge?

Week 27 Wrap: 40% China tariffs?; ASX +10% FY25; US Amazon price spike

Listen: HotCopper Wire Podcast 016 – FY25 ended up not so bad... but Trump unpause is coming

HotCopper Highlights, Week 27: G8 scalped, Domino’s drops the box, Gemlife brief hype & more

KGD

Kula picks up unexplored niobium play in Malawi, with surface samples logged

OSL

OncoSil wraps up recruitment for key pancreatic cancer trial