Georgia’s two senators voted for the Democrats’ recently enacted Inflation Reduction Act, even though it strips South Korean automaker Kia — one of the state’s largest employers — of eligibility for the law’s electric vehicle tax credits.
Kia, which employs thousands in Georgia, is planning to build another automobile factory in the state and hire 8,500 people, according to The Atlanta Journal-Constitution. Due to domestic assembly requirements in the new law, however, the automaker’s EV and plug-in fleet will lose their current eligibility for $7,500 tax credits on the purchase of new electric vehicles.
South Korea-based automaker Hyundai is set to announce a new $7 billion manufacturing electric vehicle (EV) plant in the U.S. that will also make gas-powered cars, according to several media reports.
“We are excited to announce a new EV plant plan in the United States soon, but we do not have details to share at this stage,” Hyundai told Reuters in a statement on Monday.
A scandal is brewing in Georgia’s Republican gubernatorial primary, with candidate and former Sen. David Perdue accusing incumbent Gov. Brian Kemp of engaging in shady backroom deals and lining the pockets of liberal megadonor George Soros as part of a massive new economic development project in the Peach State.
“This may be the worst deal I’ve seen in my business career, honestly,” Perdue told the “Just the News, Not Noise” television program on Friday. “This was just done the wrong way. And I’ve called the governor out on that, and we’ve had no response.”
Major U.S. automaker Ford blamed its sizable investment in electric vehicle (EV) company Rivian for its dramatic revenue decline in the first quarter of 2022.
Ford reported revenue of $34.5 billion between January and March, a 5% decline relative to the same period in 2021, and a net loss of $3.1 billion, according to the company’s earnings report released Wednesday. The Detroit automaker said its large investment in Rivian accounted for $5.4 billion in losses during the first quarter.