The reborn 1980s-era car manufacturer is hoping to build a new electric vehicle version of the famous gull-wing coupe vehicle, the same car that appeared in the film franchise, Back to the Future.
A skeptical City Council granted more than a half-million dollars to DeLorean Motor Co. to establish its headquarters on the Southwest Side, the latest step for the reborn 1980s-era automaker in its quest to begin producing an electric version of its iconic gull-winged coupe.
In exchange for the promise of creating 450 jobs and investing at least $18 million at its planned headquarters at Port San Antonio by the end of 2026, the city on Thursday awarded $562,500 to the company.
"This is great for San Antonio because today we start a new process of economic incentives that's performance-based," said Councilwoman Adriana Rocha Garcia, whose District 4 includes Port San Antonio. "We have in the past as a City Council been criticized for giving incentives away. ... So today, we're saying 'This is performance-based.'"
The subsidy is worth about $1,250 per job, the same as recently awarded to truck-maker Navistar when it agreed to build a new factory in San Antonio. According to a San Antonio Express-News analysis, the city has given employers about $3,000 per job created in nearly four dozen active incentive agreements with employers, so DeLorean's subsidy is smaller than others.
Still, council members voiced some skepticism about the deal with the company, which has withheld information about its operations, investors and finances. It comes as the field of automakers building electric vehicles is increasingly crowded and well-funded, as giants such as Ford and General Motors pour billions of dollars into EV production.
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A skeptical City Council granted more than a half-million dollars to DeLorean Motor Co. to establish its headquarters on the Southwest Side, the latest step for the reborn 1980s-era automaker in its quest to begin producing an electric version of its iconic gull-winged coupe.
In exchange for the promise of creating 450 jobs and investing at least $18 million at its planned headquarters at Port San Antonio by the end of 2026, the city on Thursday awarded $562,500 to the company.
"This is great for San Antonio because today we start a new process of economic incentives that's performance-based," said Councilwoman Adriana Rocha Garcia, whose District 4 includes Port San Antonio. "We have in the past as a City Council been criticized for giving incentives away. ... So today, we're saying 'This is performance-based.'"
The subsidy is worth about $1,250 per job, the same as recently awarded to truck-maker Navistar when it agreed to build a new factory in San Antonio. According to a San Antonio Express-News analysis, the city has given employers about $3,000 per job created in nearly four dozen active incentive agreements with employers, so DeLorean's subsidy is smaller than others.
Still, council members voiced some skepticism about the deal with the company, which has withheld information about its operations, investors and finances. It comes as the field of automakers building electric vehicles is increasingly crowded and well-funded, as giants such as Ford and General Motors pour billions of dollars into EV production.
Continue Reading