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Incentives for New Toyota-Mazda Factory Worth at Least $700 Million
The tax breaks and other incentives Toyota and Mazda received to build a co-owned assembly plant in Huntsville, Ala., totaled at least $700 million, Bloomberg News reports.
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The tax breaks and other incentives Toyota and Mazda received to build a co-owned assembly plant in Huntsville, Ala., totaled at least $700 million, Bloomberg News reports.
Alabama offered $380 million, including a $210 million investment credit and $20 million training facility. Bloomberg says Huntsville contributed a variety of direct and indirect incentives worth $320 million, including a 20-year property tax abatement worth $107 million.
A Bloomberg report in October cited unnamed sources who said the companies had hoped to win at least $1 billion worth of incentives.
The plant will open in 2021 with capacity to make 300,000 vehicles per year. Output is expected to be equally split between Toyota Corolla sedans and an all-new Mazda crossover vehicle.
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