Toyota Expands Georgetown, Kentucky, Manufacturing Operations
The project will include a new battery pack assembly line, with batteries to be supplied by Toyota Battery Manufacturing North Carolina.
“Today’s announcement reflects our commitment to vehicle electrification and further reinvesting in our U.S. operations,” said Kerry Creech, president of Toyota Kentucky. “Generations of our team members helped prepare for this opportunity, and we will continue leading the charge into the future by remaining true to who we are as a company and putting our people first for generations to come.”
To encourage investment and job retention in the community, the Kentucky Economic Development Finance Authority in May 2023 approved a supplemental project to an existing Kentucky Jobs Retention Act (KJRA) program agreement with the company. The performance-based agreement can provide up to $240 million in cumulative tax incentives based on the company’s total cumulative investment of nearly $2.8 billion across the original and supplemental KJRA projects with an annual job target requirement of up to 8,950 over the term of the agreement.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates by claiming eligible incentives against its income tax liability and/or wage assessments.
“You cannot think of the Bluegrass region and Scott County without thinking of Toyota,” noted Governor Andy Beshear. “We are grateful that they continue to invest in our commonwealth and continue to set a standard for high-quality, well-paying jobs for our citizens. Thank you, Toyota, for yet another $1 billion-plus investment coming to Kentucky.”
In addition, Toyota can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
“The new announcement of the continued investment and reinvestment in the Georgetown/Scott County Toyota facility is further evidence of the strong economy in our community and the commitment Toyota continues to make to our city, county, region and state,” added Jack Conner, executive director of Scott County United Inc.
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