Magna Steyr is the automotive world’s answer to a kick-ass session band. Just as L.A.’s Wrecking Crew provided the backing tracks to hundreds of hit 1960s songs without anyone buying the records realizing the guys on the record covers weren’t playing their own instruments, so Magna provides car-building services to OEMs ranging from BMW to Toyota from its base in Austria.
But Magna, and Fisker, which has recently contracted it to produce the new Ocean SUV, and Jaguar, for whom Magna already builds the I-Pace EV, have a problem. Under the terms of the Biden Administration’s new Inflation Act, tax breaks for drivers of electric vehicles now depend on the vehicle being built in North America.
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