Toyota is investing $1.33 billion to retool the factory in Georgetown, Kentucky where approximately one-fourth of all Toyota vehicles produced in North America are made. Last year, the Kentucky plant produced more than 500,000 vehicles. The investment will sustain 8,200 employees, including the 700 positions recently added.
The updates at the Kentucky plant are part of Toyota's plans to invest $10 billion in the United States over the next five years.
As a result of the recent investment announcement, Kentucky economic development officials added up to $43.5 million in tax incentives, making Toyota eligible for up to $190 million in total state incentives that span multiple projects. The performance-based incentives allow Toyota to keep a portion of its investment through corporate income tax credits and wage assessments by meeting job retention and new capital investment targets, state officials said.