Economy

Biden’s IRA sees Tesla and others review investments in Europe

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Elon Musk, Tesla CEO, on a stage at the Tesla Gigafactory in Grünheide, Germany.

Picture Alliance | Picture Alliance | Getty Images

Tesla recently announced a strategy shift away from Europe as it seeks to benefit from unprecedented subsidies in the United States. But it’s not the only company reviewing investment decisions vis-à-vis Europe.

Many multinationals are reconsidering plans to deploy new money into Europe. It comes after U.S. President Joe Biden last year presented the Inflation Reduction Act, or the IRA, which includes a record $369 billion in spending on climate and energy policies.

The landmark legislation, which features green subsidies for businesses, has raised…



Source cnbc.com

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