'WAR OF THE STATES': EV, CHIP MAKERS LAVISHED WITH SUBSIDIES
Techlife News|Techlife News #597
States are doling out more cash than ever to lure multi-billion-dollar microchip, electric vehicle and battery factories, inspiring evermore competition as they dig deeper into their pockets to attract big employers and capitalize on a wave of huge new projects.
'WAR OF THE STATES': EV, CHIP MAKERS LAVISHED WITH SUBSIDIES

Georgia, Kansas, Michigan, New York, North Carolina, Ohio and Texas have made billion-dollar pledges for a microchip or EV plant, with more state-subsidized plant announcements by profitable automakers and semiconductor giants surely to come.

States have long competed for big employers. But now they are floating more billion-dollar offers and offering record-high subsidies, lavishing companies with grants and low-interest loans, municipal road improvements, and breaks on taxes, real estate, power and water.

“We’re in the second war of the states,” said John Boyd, a principal at the Florida-based Boyd Company, which advises on site selections. “That’s how competitive economic development is between the states in 2023.”

The projects come at a transformative time for the industries, with automakers investing heavily in electrification and chipmakers expanding production in the U.S. following pandemic-related supply chain disruptions that raised economic and national security concerns.

One of the driving forces behind them are federal subsidies signed into law last summer that are meant to encourage companies to produce electric vehicles, EV batteries, and computer chips domestically. Another is that states are flush with cash thanks to inflation-juiced tax collections and federal pandemic relief subsidies.

The number of big projects and the size of state subsidy packages are extraordinary, said Nathan Jensen, a University of Texas professor who researches government economic development strategies.

“It is kind of a Wild West moment,” Jensen said. “It’s wild money and every state seems to be in on it.”

Denne historien er fra Techlife News #597-utgaven av Techlife News.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra Techlife News #597-utgaven av Techlife News.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA TECHLIFE NEWSSe alt
AUSTRALIA WON'T FORCE SOCIAL MEDIA USERS TO SHARE THEIR PERSONAL DETAILS WHEN CHILD BAN TAKES EFFECT
Techlife News

AUSTRALIA WON'T FORCE SOCIAL MEDIA USERS TO SHARE THEIR PERSONAL DETAILS WHEN CHILD BAN TAKES EFFECT

Australia’s communications minister said this week the government won’t force social media users to hand over their personal information to tech companies, as children younger than 16 are set to be banned from the platforms.

time-read
1 min  |
November 23, 2024
FORD, FACING ECONOMIC HEADWINDS AND WEAK EV SALES, TO CUT 4,000 JOBS IN EUROPE
Techlife News

FORD, FACING ECONOMIC HEADWINDS AND WEAK EV SALES, TO CUT 4,000 JOBS IN EUROPE

Ford Motor Co. says it will reduce its workforce by 4,000 in Europe and the U.K. by the end of 2027, citing headwinds from the economy and pressure from increased competition and weaker than expected sales of electric cars.

time-read
2 mins  |
November 23, 2024
ABOUT 20% OF AMERICANS REGULARLY GET THEIR NEWS FROM INFLUENCERS ON SOCIAL MEDIA, REPORT SAYS
Techlife News

ABOUT 20% OF AMERICANS REGULARLY GET THEIR NEWS FROM INFLUENCERS ON SOCIAL MEDIA, REPORT SAYS

About one in five Americans - and a virtually identical share of Republicans and Democrats regularly get their news from digital influencers who are more likely to be found on the social media platform X, according to a report released this week by the Pew Research Center.

time-read
3 mins  |
November 23, 2024
SPIRIT AIRLINES FILED FOR BANKRUPTCY. WHAT DOES THAT MEAN FOR TRAVELERS?
Techlife News

SPIRIT AIRLINES FILED FOR BANKRUPTCY. WHAT DOES THAT MEAN FOR TRAVELERS?

Spirit Airlines, the largest budget carrier in the U.S., filed for Chapter 11 bankruptcy protection this week. The airline said customers should not see any disruption to their travel plans while the process unfolds.

time-read
3 mins  |
November 23, 2024
MEET THE WORKOUT GROUP THAT GETS PEOPLE EXERCISING OUTDOORS, EVEN IN THE DEAD OF WINTER
Techlife News

MEET THE WORKOUT GROUP THAT GETS PEOPLE EXERCISING OUTDOORS, EVEN IN THE DEAD OF WINTER

The sun had yet to come up in Edmonton, Alberta, and it was more than 20 degrees below zero. Tanis Smith layered up anyway, ready to run up and down hundreds of stairs among the trees in the Saskatchewan River Valley.

time-read
3 mins  |
November 23, 2024
NEW PENTAGON REPORT ON UFOS INCLUDES HUNDREDS OF NEW INCIDENTS BUT NO EVIDENCE OF ALIENS
Techlife News

NEW PENTAGON REPORT ON UFOS INCLUDES HUNDREDS OF NEW INCIDENTS BUT NO EVIDENCE OF ALIENS

The Pentagon's latest report on UFOs has revealed hundreds of new reports of unidentified and unexplained aerial phenomena but no indications suggesting an extraterrestrial origin.

time-read
2 mins  |
November 23, 2024
COMCAST TO SPIN OFF CABLE NETWORKS, ONCE STAR PERFORMERS FOR THE ENTERTAINMENT GIANT
Techlife News

COMCAST TO SPIN OFF CABLE NETWORKS, ONCE STAR PERFORMERS FOR THE ENTERTAINMENT GIANT

Comcast will spin off many of its cable television networks that were once at the heart of the entertainment giant, with people increasingly swapping out their cable TV subscriptions for streaming platforms.

time-read
2 mins  |
November 23, 2024
DELTA CEO SAYS THE TRUMP ADMINISTRATION WILL REVERSE GOVERNMENT 'OVERREACH' SEEN UNDER BIDEN
Techlife News

DELTA CEO SAYS THE TRUMP ADMINISTRATION WILL REVERSE GOVERNMENT 'OVERREACH' SEEN UNDER BIDEN

The chief executive of Delta Air Lines says the incoming Trump administration will be a “breath of fresh air” for airlines after what he called government “overreach” under President Joe Biden.

time-read
2 mins  |
November 23, 2024
NVIDIA RIVALS FOCUS ON BUILDING A DIFFERENT KIND OF CHIP TO POWER AI PRODUCTS
Techlife News

NVIDIA RIVALS FOCUS ON BUILDING A DIFFERENT KIND OF CHIP TO POWER AI PRODUCTS

Building the current crop of artificial intelligence chatbots has relied on specialized computer chips pioneered by Nvidia, which dominates the market and made itself the poster child of the AI boom.

time-read
4 mins  |
November 23, 2024
MICROSOFT PITCHES AI 'AGENTS' THAT CAN PERFORM TASKS ON THEIR OWN AT IGNITE 2024
Techlife News

MICROSOFT PITCHES AI 'AGENTS' THAT CAN PERFORM TASKS ON THEIR OWN AT IGNITE 2024

AI developers are increasingly pitching the next wave of generative AI chatbots as AI \"agents\" that can do more useful things on people's behalf. But the cost of building and running AI tools is so high that more investors are questioning whether the technology's promise is overblown.

time-read
1 min  |
November 23, 2024