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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.
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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.
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