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Chrysler gets tax breaks for Indiana transmission plant

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Chrysler gets tax breaks for Indiana transmission plant

Chrysler Group has received approval for tax breaks from the Tipton County Council in Indiana, where it wants to start operating a transmission plant.

The local council approved a 10-year tax abatement worth $2.5 million, according to the local newspaper Kokomo Tribune. Chrysler wants to invest $162 million in the plant, where it wants to manufacture nine-speed automatic transmissions for front-wheel cars. The investment would create around 850 jobs.

Following the approval of tax breaks, Chrysler must now make the plant functional. “The next step is now that we have all of the abatements. Now we have to build a business case and consider our investment strategy. We’re going to take our time and we’re going to assess the situation,” a Chrysler spokeswoman told Automotive News.

The plant was the site of an abandoned joint venture between the former Chrysler LLC and German supplier Getrag Corp. The two companies had planned to make dual-clutch transmissions for Chrysler vehicles but the venture fell apart in late 2008. In order to put it back into operation, Chrysler has requested tax incentives from state and local officials for the vacant factory.

Chrysler just launched its first vehicle with a dual dry clutch transmission, the 2013 Dodge Dart. The vehicles uses a Fiat-sourced transmission as an optional gearbox with its turbocharged 1.4-liter engine.

by Dan Mihalascu (my Google+) - Wednesday, December 19th, 2012 - filed under Chrysler, News. Image credit: .
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