Chinese EV battery makers are building factories in Morocco to cash in on U.S. electric vehicle subsidies [Fortune]
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Source: Fortune
In the rolling hills near Tangiers and in industrial parks near the Atlantic Ocean, they have announced plans for new factories to make parts for EVs that may qualify for $7,500 credits to car buyers in the United States Similar investments have been announced in other countries that share free trade agreements with the United States, including South Korea and Mexico. But few countries have seen the kind of boom that Morocco has. At least eight Chinese battery makers have announced new investments in the North African kingdom since President Joe Biden signed the Inflation Reduction Act, the $430 billion U.S. law designed to fight climate change, according to an Associated Press tally. By moving operations to U.S. trading partners like Morocco, Chinese players that have long dominated the battery supply chain are seeking a pathway to cash in on increasing demand from American carmakers like Tesla and General Motors, said Kevin Shang, a senior battery analyst at the consulting
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- 9/27/24 - Form 4
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