IONNA, a venture company founded by seven of the world’s largest automakers, has chosen North Carolina as its global headquarters. The company plans to redefine the electric automotive industry by creating an integrated customer experience around charging. The launch of IONNA includes designing, developing, building, and operating a high-powered electric vehicle charging network crucial for increasing EV adoption in North America. The company’s site will house a customer experience lab as well as new satellite labs at each of the founding coalition members’ facilities.
North Carolina secured IONNA through a Job Development Investment Grant approved by the Economic Investment Committee. The grant authorizes potential reimbursement of over $3 million over 12 years, with the state expecting a $724 million boost to the economy, 203 new jobs, and a 108% return on public dollars. The average annual wage at IONNA is projected to be $128,457, significantly higher than the county average of $90,727. However, economists question the effectiveness of financial incentives for private businesses and the use of hourly wages as indicators due to potential skewing by a few high-salaried corporate leaders.
CEO Seth Cutler expressed excitement about establishing IONNA in North Carolina, citing the area’s focus on research and innovation as well as a thriving community. Commerce Secretary Machelle Baker Sanders highlighted the importance of advanced manufacturers committing to North Carolina in supporting a diverse and well-trained workforce. The state’s consistent ranking as America’s Top State for Business by CNBC highlights its attractiveness to businesses like IONNA.
The automotive industry in North Carolina has seen several announcements this year, reflecting a period of growth post-COVID-19. Governor Roy Cooper praised the state’s business-friendly environment but also highlighted ongoing challenges in public education. Cooper emphasized the benefits IONNA and its founding automotive manufacturers will gain from North Carolina’s innovative ecosystem, skilled workforce, and central location. The state’s ability to attract major players in the global automotive market like Honda, Hyundai, Kia, BMW, and Mercedes further solidifies its reputation as a hub for innovation and industry growth.
