Japanese automotive manufacturer Toyota Motor Corp is reportedly planning a $531.7m investment in its existing plant in the US city of San Antonio, Texas.
Citing a presentation the company had prepared for the local Bexar County, the San Antonio Express-News said the investment would fund the expansion of the facility, increasing its size by more than 500,000sqft (46,500sqm), with the construction of a new building and the creation of 411 new jobs.
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Toyota is said to be seeking an economic development incentive package worth $14.9m, including a 10-year, 100% tax abatement worth $14.7m and a $250,000 skills development grant. The Bexar County Commissioners Court was scheduled to consider the application yesterday (21 May).
Kelly Stefanich, group manager of Toyota Corporate Communications, was quoted by News 4 San Antonio as saying: “As stated in the public notice, TMMTX is seeking tax abatements for a potential project totalling $531,720,000, located on our property.
“We are constantly evaluating our competitiveness and making decisions to support the potential for continued investments across our North American operations, helping to ensure our promise of long-term employment stability. We are always looking for ways to better meet our customers’ needs and produce where we sell. We have nothing to announce at this time.”
This is the latest of a number of major announcements by Toyota pertaining to its US operations. In April, it announced a $1.4bn investment in Indiana. Prior to that, in February, it announced a $1.3bn investment in Kentucky. Both those investments are focussed on the production of battery electric vehicles.
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By GlobalDataHeadquartered in the Japanese prefecture Aichi, Toyota operates across the Americas, Europe, Africa, Asia Pacific, and the Middle East, with around 375,000 global employees.
