5/30, 1:51 PM (Source: TeleTrader)
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Stellantis says it needs more battery plants in US

Stellantis Chief Executive Carlos Tavares estimated on Tuesday that the carmaker will need between one and two more battery facilities in the United States in order to reach its electric vehicle production target.

Speaking at a news conference in France, Tavares told reporters that the EV subsidies included in the United States Inflation Reduction Act (IRA) created "very favorable" investment conditions.

The IRA enables a $7,500 consumer tax credit for electric vehicle (EV) purchases, setting strict requirements on which cars are eligible for the subsidies to encourage automakers to shift manufacturing to the US. The market share of EVs in the US nearly doubled year-on-year in 2022 to 5.8%.

Baha Breaking News (BBN) / ND