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Company remains committed to reinvesting in U.S. manufacturing operations, environmental sustainability and stable employment
FRANKFORT, KY - On Dec. 12, 2024, Gov. Andy Beshear highlighted continued transformation at Toyota Motor Manufacturing Kentucky (TMMK) as the company announced a $922 million investment to build a new advanced paint facility at the Georgetown plant. This is the largest dollar investment for the commonwealth this year. The facility will be designed to improve operational efficiencies, reduce environmental impacts and enhance the quality of vehicle finishes.
“Kentucky and Toyota have formed a winning partnership over the past 40 years that has been transformational for families throughout the commonwealth, and this latest investment builds on that tradition of success,” said Gov. Beshear. “Thank you to the leaders at Toyota for once again investing in Kentucky and our incredible workforce.”
Scheduled to open in 2027, the facility will add 1 million square feet of capacity while decreasing carbon emissions by 30% and water usage by 1.5 million gallons per year. The project directly supports Toyota’s goal of zero carbon emissions by 2050. The initiative also builds on the company’s latest paint technology advancements to offer more vibrant and diverse color options.
This news follows a $1.3 billion investment announced earlier this year at the Georgetown site to bring assembly of an all-new, three-row battery electric SUV to the U.S. market in 2026. Toyota’s investment in Kentucky has reached more than $11 billion since the company broke ground here in 1986, reaffirming the auto maker’s commitment to the commonwealth.
“Not only will our customers get the dynamic and stylish exterior finishes they love, but Toyota’s commitment to advanced paint technologies goes beyond aesthetics as a leader in environmentally responsible manufacturing,” said Kerry Creech, president of Toyota Kentucky. “This year alone more than $2 billion is being reinvested in our plant and further supports Toyota’s promise of long-term job security for our team members.”
This investment adds to the Georgetown operation’s history of groundbreaking technology and production. In 2006, TMMK was Toyota’s first plant in the United States to manufacture hybrid electric vehicles and later was selected to assemble fuel cell modules for use in hydrogen-powered, heavy-duty commercial trucks. The plant also plays a critical role in Toyota’s global electrification strategy, with an aggressive goal to offer electric or hybrid versions of every vehicle model by 2025.
TMMK is Toyota’s largest production facility globally and currently employs approximately 10,000 team members. Opened in 1988, more than 12 million vehicles have rolled off TMMK’s assembly lines, including the Camry, America’s best-selling sedan. Current production capacity is approximately 550,000 vehicles and 600,000 engines annually, with more than 350 suppliers nationwide – including over 100 in Kentucky.
Since 2020, Toyota has announced new investments of more than $20 billion into its U.S. manufacturing operations to support electrification efforts. Increasing BEV production in the U.S. advances Toyota’s portfolio approach to electrification.
Toyota is also committed to investing in its operational communities, primarily focusing on education and workforce development. Since making Kentucky home nearly four decades ago, more than $154 million in local donations continue to make sizeable impacts in the Bluegrass State.
Scott County Judge/Executive Joe Pat Covington talked about the region as a whole: “Toyota’s continued investment in Georgetown and Scott County is a testament to the confidence they have in our community and region as a great place to call home and do business. I am grateful for their investment and commitment to our community.”
Georgetown Mayor Burney Jenkins showed excitement for the project: “We are excited for yet another investment by Toyota into its Georgetown facility. We are optimistic about the economic impact of this expansion and appreciate their continued commitment to our community.”
Jack Conner, executive director of Scott County United, mentioned the impact the project will have: “Another significant capital investment by Toyota Motor Manufacturing, Kentucky, means improvement, sustainability and acknowledgement that Georgetown, Scott County and Kentucky continues to be a place to do business where the environment is ripe for reinvestment.”
Toyota’s increased investment and job retention build on the best four-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling nearly $34 billion in announced investments, creating roughly 57,500 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history and $13.5 billion more than the next highest total.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; Shelbyville Battery Manufacturing’s $712 million investment, creating 1,572 jobs in Shelby County; and INFAC North America’s $53 million investment in Taylor County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings, S&P Global Ratings and Moody’s Investors Service.
In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central region for economic development projects per capita in its 2023 Governor’s Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and in the top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear announced a Supply Kentucky initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies. And last month, the Governor announced a new initiative, called New Kentucky Home, to increase economic investment, attain and attract talent, and increase tourism across the state.
To encourage investment and job retention in the community, the Kentucky Economic Development Finance Authority (KEDFA) today approved a supplemental project to an existing Kentucky Jobs Retention Act (KJRA) program agreement with the company. The performance-based agreement can provide up to $267.5 million in cumulative tax incentives based on the company’s total cumulative investment of $922 million across the original and supplemental KJRA projects with an annual job target requirement of up to 8,950 over the term of the agreement.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates by claiming eligible incentives against its income tax liability and/or wage assessments.
In addition, Toyota can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
For more information on TMMK, click here.
A detailed community profile for Scott County can be viewed here.
Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.