Why America's experiment to make the batteries of the future could soon fail
Over the past three years, companies have invested tens of billions of dollars toward making electric vehicles in the United States, buoyed by tax incentives aimed at helping American businesses compete with China.
Now, those companies are facing a strange problem: too much manufacturing capacity, not enough demand.
As sales of electric vehicles slow and congressional Republicans take aim at EV tax credits and incentives, the United States is slated to have more battery and EV manufacturing than it needs, according to a report released Wednesday by the Rhodium Group, a research firm. That could leave factories — many of which are already operating or under construction — stranded if car sales continue to slump.
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