The United States, a new Eldorado for industrialists

American manufacturers, such as First Solar in Alabama, are increasingly investing in their country of origin. DANE RHYS/REUTERS

DECRYPTION – Enticed by the government support that Joe Biden has decided on and by the low energy costs, foreign investors are leaving Europe.

The Swedish battery manufacturer Northvolt, the car manufacturers Volkswagen and BMW, the Italian Enel and its solar components factory, or the Japanese Panasonic, which supplies batteries to Tesla… This list is growing every day. It is that of companies around the world that invest in the United States or suspend spending in Europe with the aim of moving their projects. American industrialists, in turn, are increasing their investments in their countries of origin, such as First Solar in Alabama and the mining company Piedmont Lithium.

The Inflation Reduction Act (IRA), a $430 billion legislative package passed in August, provides aid, subsidies and tax credits. Objective: Decarbonise the US economy, accelerate the energy transition, boost investment in the electric vehicle sector, and repatriate supply chains to the United States. “This plan spends more money on…

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