States are not neophytes at business handouts, but the current boom is remarkable for its scale and speed
. On February 13th Michigan approved incentives of more than $1bn for a Ford battery factory. On February 8th Ohio’s private development agency gave nearly $240m to Honda. Last year brought $1bn-plus deals for firms in Kansas, Michigan and North Carolina, adding to dozens of smaller dollops. Globally, concern is rife about America’s rapid emergence as a competitive threat in theindustry, thanks to the federal government’s hefty investments and domestic-content rules.
, the cornerstone of the Biden administration’s new industrial-policy push, which will give billions of dollars in tax credits to both buyers and makers ofexpires in 2032, so companies have to move fast to take advantage of it. Adam Jonas, head of global auto research at Morgan Stanley, a bank, explains it with a fishing analogy: “Thestocks the lake full of trout. And now the states are there trying to attract the trout with chum.
Yet a closer look at Georgia’s package shows how states are trying to guard against waste. Tax credits are contingent on performance. In Rivian’s case the firm has to meet at least 80% of its commitments to invest $5bn and create 7,500 jobs by the end of 2028, and then stay at that threshold until 2047; if it slips, the state can claw back benefits. Tax breaks are also just one element. Nearly $200m will go to acquiring the land, preparing it for development and building road and rail links.
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