Nio says it looked at setting up vehicle manufacturing in three states, but ultimately decided it would be too expensive, will import vehicles from China instead
Nio's quest for a potential U.S. manufacturing site has yielded no results, leading the automaker to opt for importing electric vehicles from China instead. Consequently, the EV manufacturer has temporarily abandoned any prospects of its EVs qualifying for tax incentives. The Inflation Reduction Act provides up to $7,500 in tax incentives for American buyers who choose electric vehicles that are made in North America.
In China, Nio announced on Friday that it would be reducing its workforce by 10 percent and postponing or canceling investments in long-term projects that wouldn't yield returns within the next three years. The company's financial situation is uncertain, with a recent report indicating that it may incur losses of up to $35,000 per vehicle produced. Cost wasn't the sole concern for Iyer; he also pointed out that the company relies on several suppliers that do not operate in the U.S.
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