Question
- US Government incentivizing backward integration: Earlier this week, the US Government announced that Solar ingot and wafer manufacturing facilities and equipment in the US will qualify for the 25% investment tax credit under CHIPS and Science Act. Qcells, a unit of Seoul-based Hanwha Solutions Corp, has an under-construction US factory to produce 3.3 GW of ingots, wafers, cells and solar panels, which will be eligible for these incentives. Will Waaree be able to compete in the long term if they are not backward integrated in the US? Will this also affect exports to the US?
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