Trump's Tariff Threat Causes Tesla's South Korean Rivals To Rethink $54B Battery Plant Investment

South Korean electric vehicle (EV) manufacturers are reconsidering a substantial $54 billion investment in U.S. battery plants due to potential policy changes under President-elect Donald Trump. Concerns have arisen over the possibility of Trump eliminating tax credits for EVs, which could significantly affect demand and profitability.

What Happened: Some of Tesla’s South Korean rivals have already paused construction on certain projects, as sources familiar with the situation reported. Posco Future M, a supplier for General Motors Co. (NYSE:GM) has delayed the completion of its Quebec plant, citing “local conditions,” Bloomberg reported on Monday. 

Kenny Kim, CEO of SNE Research, highlighted that Korean companies are anxious about potential cuts to government incentives. Trump has criticized the Inflation Reduction Act, which ...

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