Toyota might manufacture a new model at the Georgetown, Kentucky plant and add 750 new jobs.
A couple a days ago the Kentucky Economic Development Finance Authority offered Toyota a $146.5 million in tax incentives if it accepts a project which includes expanding the Kentucky plant and build a new model here.
“We continue to look for opportunities to localize production and build where we sell. However, we have nothing to announce at this time,” said Toyota spokesman Rick Hesterberg.
Katie Smith of the state’s Cabinet for Economic Development said that the plant could manufacture 50,000 units of this new model, coveted by other plants in North America. This new project will cost $531.2 million, from which $326 million to be invested in equipment and the rest will be used for building expansion and improvement, as well as tooling.
If Toyota accepts this project it could create 750 new jobs at the plant, from which 570 would be full-time jobs. Michelle Krebs, a senior analyst for Edmunds.com, said that the mysterious model might be a variant or model change of an existing one, such as the Camry or maybe a Lexus model.
“They redo a vehicle every four years,” she said. “It could be a redesign of the Camry, and they’re expecting more production. It could be something like that.”