April 13, 2017
Toyota plans to invest $1.3 billion to improve its factory in Georgetown, KY, as part of a $10-billion, 5-year U.S. investment plan. The upgrades are the single largest investment the Japanese automaker has made at an existing plant in the U.S.
The renovations and a new design, engineering and manufacturing approach being implemented by Toyota will shorten the development cycle for vehicle improvements and production of new vehicles. The plant is Toyota’s largest, employing 8,200, and accounting for roughly a quarter of all Toyota vehicles produced in North America.
The assembly line is being retooled to gear up for production of a revamped 2018 Camry. Toyota added more than 700 workers, and is updating equipment to streamline production, as well as building a new paint shop.
Kentucky offered up to $43.5 million in performance-based tax incentives, which makes Toyota eligible for up to $190 million in incentives, spanning multiple projects.
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