President Joe Biden’s 2022 Inflation Reduction Act (IRA) is igniting a growing demand for new and used electric vehicles (EVs). It also incentivizes manufacturers across the entire EV supply chain with credits when they build new or retool existing facilities for EV manufacturing inside the United States.
Taiwan’s Foxconn, the global leader in smart manufacturing, credits the IRA legislation for the company’s venture into the U.S. vehicle battery business. It will build a storage battery facility in Wisconsin and develop vehicle battery pack capacity at its Ohio facility.
During a recent earnings conference call, Foxconn’s chairman of global operations, Young Liu, said IRA legislation was “very beneficial” to Foxconn since it has been developing in the United States. “To us, the timing is pretty good. Aside from developing EV assembly locally, we will have battery cell, battery pack, and EEA structure. We see these development direction as very helpful for local industry. The U.S. government is also very supportive.”…