NM Gov. Michelle Lujan Grisham speaks at the opening ceremony of U.S. Business Day in Taipei, Taiwan. Governor Michelle Lujan Grisham Wednesday morning announced that the state has reached an agreement with Taiwan-based Hota Industrial Manufacturing to build automotive gears at a new plant on a 30-acre parcel in Santa Teresa. Construction is expected to begin in 2024. The company plans to hire 350 employees and will invest just under $100 million. During a press conference call Wednesday morning, New Mexico time Lujan Grisham said Hota will be a great partner. “Hota is a well established, highly respected company. They lovingly and informally refer to the chairman (David Shen) as the ‘Gear King,’ so he makes components and power trains for EV vehicles,” she said. “(This) is exactly the kind of intelligent manufacturing we are looking to locate (in New Mexico).” Company executives, business, and government leaders made the announcement at a news conference in Taipei City, where Gov. Lujan Grisham was a guest speaker at U.S. Business Day and is leading a trade mission to advance New Mexico as a destination for reshoring Asian manufacturing to the United States. Company officials say Hota’s expansion into the United States is driven by increasing awareness that manufacturing companies need a more diverse and resilient supply chain so businesses do not experience production slowdowns due to labor or transportation interruptions. Some 70% of Hota’s market is in the Americas. The State of New Mexico has awarded Hota $3 million to assist with land, building and infrastructure costs from the Local Economic Development Act or LEDA Job-Creation Fund. The business stands to qualify for other incentives, including the High Wage Jobs Tax Credit, the Manufacturers Investment Tax Credit, and job-training assistance through the Job Training Incentive Program.