GreenPower Receives $14.6 Million in State Incentives for New Mexico EV Manufacturing Facility
GreenPower Motor Company has secured $14.6 million in financial incentives from New Mexico to open a manufacturing facility in Santa Teresa, expected to create 340 permanent jobs.
$14.6 million
340
$5 million
What Happened
GreenPower Motor Company announced plans to open a new manufacturing facility in Santa Teresa, New Mexico, citing the state's electric vehicle ecosystem, Foreign Trade Zone designation, and financial incentives. The company will receive a total of $14.6 million in state incentives, including a $5 million LEDA award and various tax credits. The facility is expected to create 340 permanent jobs over the next decade.
“The ability to make capital decisions without fear of tariff uncertainties is a game changer in the current environment.”
- $5 million LEDA award
- $4.6 million Job Training Incentive Program (JTIP)
- $1.36 million Rural Jobs Tax Credit
- $3.65 million High-Wage Jobs Tax Credit
GreenPower anticipates setting up operations at the facility
GreenPower expects to take possession of the manufacturing plant
Why this matters
This investment supports domestic production of electric heavy-duty vehicles and helps New Mexico achieve its goal of a zero-emission state fleet by 2035.
Terms in This Story
- LEDA
- Local Economic Development Act program that provides financial assistance to local governments to support business location and job creation.
- FTZ
- Foreign Trade Zone, a designated area where goods can be imported, stored, or processed without being subject to customs duties.
- JTIP
- Job Training Incentive Program, a state program that provides funds to train new employees.
- RJTC
- Rural Jobs Tax Credit, a tax credit for businesses creating jobs in rural areas.
Summarised from the linked release; details can be imperfect — always verify against the original source.