Mexican Media Brands
Kentucky Offers Incentives for Toyota to Expand
The Kentucky Economic Development Finance Authority is offering $147 million in tax credits to Toyota Motor Co. if the company will expand its assembly plant in Georgetown by 2015.
#economics
Share
The Kentucky Economic Development Finance Authority is offering $147 million in tax credits to Toyota Motor Co. if the company will expand its assembly plant in Georgetown by 2015.
Kentucky says Toyota is considering increasing annual capacity at the facility by 50,000 units to a total of 550,000 vehicles, starting in autumn 2015. The increase in intended to enable production of an additional unspecified model, according to the state. The engine factory in the complex already has annual capacity of 600,000 units.
To qualify for the full tax benefit, Toyota would need to invest at least $531 million and hire 570 fulltime employees.
The company says it has been considering localizing more production in the U.S. but has not yet made any decisions. The Kentucky plant builds the Venza midsize crossover, Avalon fullsize car and gasoline-powered and hybrid versions of the Camry midsize sedan.
Any expansion would likely be used in part to boost Toyota's exports from North America. This year the Georgetown plant will ship vehicles to Russia, South Korea and Ukraine. It plans to eventually to add to China.
RELATED CONTENT
-
On Military Trucks, Euro Car Sales, Mazda Drops and More
Did you know Mack is making military dump trucks from commercial vehicles or that Ford tied with Daimler in Euro vehicle sales or the Mazda6 is soon to be a thing of the past or Alexa can be more readily integrated or about Honda’s new EV strategy? All that and more are found here.
-
On Fuel Cells, Battery Enclosures, and Lucid Air
A skateboard for fuel cells, building a better battery enclosure, what ADAS does, a big engine for boats, the curious case of lean production, what drivers think, and why Lucid is remarkable
-
When Automated Production Turning is the Low-Cost Option
For the right parts, or families of parts, an automated CNC turning cell is simply the least expensive way to produce high-quality parts. Here’s why.
