Toyota Motor Manufacturing Kentucky has been approved for $146.5 million in state tax incentives to produce a new vehicle model at its Georgetown manufacturing plant.
The Kentucky Economic Development Authority said Toyota plans to invest $531 million on the expansion, adding about 750 additional employees. The company already has more than 6,000 full-time workers at the Georgetown plant that produces the Camry, Camry Hybrid, Avalon and Venza.
Rick Hesterberg, manager of external affairs at the Georgetown plant, declined to provide details about the proposed expansion on Wednesday. He said the company is looking "to localize production and build where we sell."
Government paperwork detailing the incentives says Toyota is considering an expansion that would produce "an additional 50,000 units" per year.
The project will involve building expansions and modifications.