LORDSTOWN — A next-gen manufacturing plant General Motors figures will be key in its plan to electrify its vehicle lineup was awarded a state credit that will save the automaker and its foreign partner approximately $13.8 million in payroll taxes.

On Monday, the Ohio Tax Credit Authority awarded Ultium Cells LLC — a joint venture between GM and South Korea’s LG Chem — a 1.95 percent, 15-year job creation tax credit on $45 million in new payroll.

The agreement requires the company to maintain operations in Lordstown for at least 18 years.

The company expects to create 1,000 jobs by December 2026 at the Tod Avenue $2.3 billion plant, under construction on 158 acres immediately adjacent to the automaker’s former assembly plant. The fixed asset investment

Read More At Article Source | Article Attribution