States are doling out more cash than ever to lure multibillion-dollar microchip, electric vehicle and battery factories.
“It is kind of a Wild West moment,” Jensen said. “It’s wild money and every state seems to be in on it.”
Many of the companies drawing the biggest subsidy offers — such as Intel, Hyundai, Panasonic, Micron, Toyota, Ford and General Motors — are profitable and operate around the globe. Some lesser-known names in the nascent EV field are getting big offers too, such as Rivian, Volkswagen-backed Scout Motors and Vietnamese automaker VinFast.
The mounting cost of competing for the projects hasn't dissuaded states from trying. On the contrary, they're clambering to outdo each other. Jabbing a finger in the air, he brought the room to a standing ovation, saying: ”It’s time to compete again here in Pennsylvania!” “The money the state is putting up is so large that certain companies can’t afford not to look at it,” Sheehy said.
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'War of the states': EV, chip makers lavished with subsidiesStates are doling out more cash than ever to lure multibillion-dollar microchip, electric vehicle and battery factories, inspiring ever-more competition as they dig deeper into their pockets to attract big employers and capitalize on a wave of huge new projects
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