zzdcar
Home
/
Reviews
/
Culture
/
GM Will Repay Ohio $28 Million In Tax Incentives
GM Will Repay Ohio $28 Million In Tax Incentives-August 2024
2024-02-19 EST 22:12:36

Image for article titled GM Will Repay Ohio $28 Million In Tax Incentives

There were two GM-related press releases issued and an unscheduled event at the White House on Monday. One press release was from GM. The other, more interesting press release was from the Ohio Development Services Agency. The White House event was, uh, we’ll get to that.

I invite you first to read part of press release:

General Motors announced today plans to invest $71 million into two Ohio manufacturing facilities, including $39 million at its Toledo transmission plant and $32 million at its Defiance casting plant. Work will begin immediately at the two locations. These investments will enable GM to retain 240 good-paying U.S. manufacturing jobs.

GM also was sure to mention Lordstown:

Since 2009, GM has invested more than $3.3 billion in Ohio. Separately, GM and LG Chem formed a joint venture – Ultium Cells LLC – and together are investing more than $2.3 billion to build a new, state-of-the-art battery cell manufacturing plant in Lordstown that will create more than 1,100 new jobs. Construction of the facility is underway. The new battery cell manufacturing plant will play a critical role in GM’s commitment to an all-electric future.

[...]

In addition, GM has continued its commitment to the Lordstown community by working closely with Lordstown Motors Corp. since May 2019 to support the launch of its Endurance pickup. The acquisition of Lordstown Motors by DiamondPeak Holdings Corp. is expected to close during the fourth quarter and the company will be listed on the Nasdaq. GM is investing $75 million in the company, which includes the sale of the former Lordstown Assembly plant and production equipment.

Which sounds great! Except the Ohio Development Services Agency also , specifically, about how GM now owes Ohio a small pile of money because of Lordstown:

General Motors will be required to invest $12 million in the Mahoning Valley by the end of 2022, and refund $28 million in tax credits. In 2008, the company entered into Job Creation and Retention Tax Credit agreements which resulted in the issuance of $60.3 million in tax credits.

[...]

General Motors was approved for a Job Retention Tax Credit in exchange for a commitment to retain 3,700 employees in Lordstown. The company did not maintain its commitment to retain the jobs through 2028.

GM also received a Job Creation Tax Credit to create 200 new jobs at the Lordstown facility by 2010. The company exceeded its commitment by creating more than 800 jobs but did not maintain operations at the facility through 2037 as required by the agreement.

You can be sure that $28 million is pocket change for a company that , but I’m happy for the state of Ohio.

Which brings us to the White House, where Trump lives some of the time. Possibly because there’s a presidential debate Tuesday in Cleveland, paid a visit.

Video of Trump and the truck:

Trump, you see, .

Comments
Welcome to zzdcar comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Culture
2024 Kia EV9: What Do You Want To Know?
2024 Kia EV9: What Do You Want To Know?
At long last, we are about to get behind the wheel of for the first time. Sure, , and sure, , and sure , but hey — what can you do? Anyway, before we get behind the wheel of this three-row electric beast, we want to know what you...
Aug 18, 2025
Watch ABS Fail When MotorWeek Tests A 1997 Chevy S-10
Watch ABS Fail When MotorWeek Tests A 1997 Chevy S-10
MotorWeek’s is some of the on the internet. The long-running automotive news magazine has a treasure trove of tests after being on the air for over 40 years. Where else can you find detailed instrumented testing of long-forgotten cars like the or a ? MotorWeek’s recent Retro Review upload is...
Aug 18, 2025
Toyota Is Moving A Prewar 700-Ton Press Machine Halfway Around The World
Toyota Is Moving A Prewar 700-Ton Press Machine Halfway Around The World
closed its São Bernardo Plant in November 2023, marking the end of its first overseas production facility. The closure caps off a period of continuous car production in São Paolo, , lasting over 60 years. The plant was home to a Komatsu 700-ton press that predates itself. And now...
Aug 18, 2025
Subaru Had It Right All Along
Subaru Had It Right All Along
When first came to the United States, it sold small funky cars that were decidedly un-American. As the company grew its own identity and became more established in the U.S., it became the first automaker to offer an all-wheel-drive passenger car in 1975. Subaru was also an early-adopter of...
Aug 18, 2025
I Can't Get Enough Of This YouTuber Who Builds Tiny, Fully Functional Scale-Model Cars
I Can't Get Enough Of This YouTuber Who Builds Tiny, Fully Functional Scale-Model Cars
I love tiny, of . I have a that is roughly half the size of a normal cat, and she’s perfect. I own a 2013 , which is like the miniature version of a normal-sized vehicle (at least here in Texas) — but beyond that, I also own a Hot...
Aug 18, 2025
I Entered My Lifted Miata In A Real Off-Road Race, Here's What Happened
I Entered My Lifted Miata In A Real Off-Road Race, Here's What Happened
I have two automotive loves: The first is the Miata, the second is off-road racing. For a while I raced air-cooled Volkswagens in the deserts of California and Nevada and I was lucky enough to co-drive in a class 11 stock bug in the Baja 1000 a few years...
Aug 18, 2025
Copyright 2023-2025 - www.zzdcar.com All Rights Reserved