Consultants Forum Advertise
Subscribe
Close

  • Free for qualified executives and consultants to industry

  • Receive quarterly issues of Area Development Magazine and special market report and directory issues

Subscribe Now
Renew

Area Development - Site Selection, Facility Planning and Workforce Development

Toyota Plans Georgetown, Kentucky, Electric Vehicle Operations

06/01/2023
Toyota plans to establish its first U.S.-assembled battery electric vehicle at Toyota Motor Manufacturing in Georgetown, Kentucky. The $591 million project is expected to retain approximately 9,000 jobs.

The company will source batteries from its North Carolina battery manufacturing plant, which also will expand to support further electrification of Toyota’s U.S.-based production.

“Toyota Kentucky set the standard for Toyota vehicle manufacturing in the U.S., and now we’re leading the charge with BEVs,” said Susan Elkington, president of TMMK. “Our incredible team of Kentuckians is excited to take on this new challenge while delivering the same great quality and reliability that our customers expect.”

To encourage investment and job retention in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Wednesday 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.

“This is incredible news that further cements Kentucky as the center of the electric vehicle sector,” Governor Andy Beshear noted. “Toyota has long been a vital part of the automotive industry in the commonwealth, and now the company is positioned to help lead us into the future. I want to thank the company’s leaders for their commitment to our state’s incredible workforce and can’t wait to see what’s next for Toyota and 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.

Exclusive Research