South Carolina Governor Henry McMaster has signed legislation approving $1.29 billion in state incentives for Volkswagen’s off-road brand, Scout Motors, to build a $2 billion manufacturing plant for trucks and SUVs. The project is expected to create thousands of new jobs in the state and boost the local economy.
According to South Carolina Commerce Secretary Harry Lightsey, the project could also receive up to $180 million in job development tax credits based on hiring. The incentives package is one of the largest in the state’s history and is aimed at attracting new investment and boosting economic growth.
The new manufacturing plant is expected to cover 1,000 acres in the Palmetto Commerce Park in Berkeley County and produce both conventional and electric vehicles. It will also include a research and development center to design and engineer new products for the North American market.
The decision to award such a large incentives package to Volkswagen’s Scout Motors reflects the state’s commitment to attracting new business and investment. The state has a long history of supporting the automotive industry, with BMW, Volvo, and Michelin all operating manufacturing plants in the state.
South Carolina’s decision to invest heavily in the automotive sector is part of a broader trend across the United States, with many states offering incentives to attract new investment in manufacturing and other key industries. These incentives can include tax breaks, low-interest loans, and other financial support designed to help businesses grow and expand.
In summary, South Carolina’s approval of $1.29 billion in state incentives for Volkswagen’s Scout Motors is a major boost for the state’s economy and is expected to create thousands of new jobs. The move reflects the state’s commitment to attracting new business and investment, and is part of a broader trend across the United States towards incentivizing manufacturing and other key industries.