Toyota to invest $1.3B in Kentucky factory to build battery packs and new EV
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Re: Toyota to invest $1.3B in Kentucky factory to build battery packs and new EV
#2How much does Toyota pay in taxes in Kentucky or are we subsidizing the factory?
Re: Toyota to invest $1.3B in Kentucky factory to build battery packs and new EV
#3How much does Toyota pay in taxes in Kentucky or are we subsidizing the factory?
"KEDFA approved the $43.5 million tax incentives shortly after the Toyota expansion announcement was made Monday. The dollar figure combines the incentives from the Lexus expansion in 2015 with the latest investment for a total of $190 million in incentives, said Jack Mazurak, communications director at KEDFA.
https://www.kentucky.com/news/business/article143755074.html
Re: Toyota to invest $1.3B in Kentucky factory to build battery packs and new EV
#4Ford made these same promises 2 years ago then bailed when the interest rate rose.
Re: Toyota to invest $1.3B in Kentucky factory to build battery packs and new EV
#5How much does Toyota pay in taxes in Kentucky or are we subsidizing the factory?
I don't think there is such thing as manufacturing investment without subsidization any more.
And it most often results in the Winner's Curse: the entity providing the greatest subsidies win's the "investment", but they give up so much in the process that the economic benefits are wiped out.
See: Tesla in Buffalo, VW in Ontario, FoxConn in Wisconsin.
Re: Toyota to invest $1.3B in Kentucky factory to build battery packs and new EV
#6Ford made these same promises 2 years ago then bailed when the interest rate rose.
>Ford made these same promises 2 years ago then bailed when the interest rate rose.
Sometimes investment makes sense, and then things change and it doesn't make sense anymore. That's fair, isn't it?
Re: Toyota to invest $1.3B in Kentucky factory to build battery packs and new EV
#7$1.3B seems like a lot of money but it isn't for a car factory, especially spread over many years.
For context: Tesla is guiding for $10+B a year capex spending for the next 3 years.
Nevada factory took $6.2B and Tesla plans to spend additional $3.6B
Toyota is still under-investing in EV. $1.3B is nothing.
Re: Toyota to invest $1.3B in Kentucky factory to build battery packs and new EV
#8How much does Toyota pay in taxes in Kentucky or are we subsidizing the factory?
I don't think there is such thing as manufacturing investment without subsidization any more. And it most often results in the Winner's Curse: the entity providing the greatest subsidies win's the "investment", but they give up so much in the process that the economic benefits are wiped out. See: Tesla in Buffalo, VW in Ontario, FoxConn in Wisconsin.
Overall, yes. But I suspect there are winners if we could follow the money trail.
Re: Toyota to invest $1.3B in Kentucky factory to build battery packs and new EV
#9Ford made these same promises 2 years ago then bailed when the interest rate rose.
> Ford made these same promises 2 years ago then bailed when the interest rate rose. Sometimes investment makes sense, and then things change and it doesn't make sense anymore. That's fair, isn't it?
Fair? What would that even mean?
These empty promises are how we ended up electing Trump the first time and it's virtually guaranteeing that we'll elect him a second time.
Rural Kentucky is in horrible shape and a lot of people here were placing hope in this, much like they have so many other empty promises from their leaders, so at least stop acting surprised when the consequences show themselves.
Re: Toyota to invest $1.3B in Kentucky factory to build battery packs and new EV
#10Similarly, Hyundai building $8bn battery plant outside Savannah, Georgia:
https://apnews.com/article/hyundai-georgia-electric-vehicle-...