This article has been updated.
Nearly two years after announcing plans for a new company headquarters at Port San Antonio, the DeLorean Motor Company has requested to end its economic development agreements with Bexar County and the City of San Antonio.
The once-defunct 1980s-era car manufacturer sought to stage a comeback in the realm of electric vehicle (EV) production and was expected to invest $18.5 million in the headquarters, providing 450 new full-time jobs within five years.
It’s unclear how much progress the company has made in executing those plans since the agreement was reached in December 2022. Its CEO, Joost de Vries, resigned in October 2023.
The company plans to continue to operate its headquarters out of Port San Antonio, according to the county.
A Dec. 1 letter from DeLorean Chief Operating Officer Bill Frazer to the county’s Economic Development Department said DeLorean needed to forgo pursuing the county’s tax incentives due to a “shift in the economic landscape and strategic redirection of our business.”
Frazer did not immediately respond to a request for comment Monday.
The county had agreed to a 100% tax abatement over the course of 10 years, worth an estimated $513,000. None of those funds have been disbursed yet, according to the county. Bexar County commissioners were set to approve the agreement’s termination at their Tuesday meeting.
Under the agreement, DeLorean was to create 100 positions in 2022 and 300 in 2023.
The City of San Antonio had awarded the company a performance-based incentive worth $1,250 per job created, up to $562,500. The move was framed as a risk-free investment that would only be paid if the company succeeded in delivering on its benchmarks.
On Monday the city’s Economic Development Department said it’s working with DeLorean on a “mutual termination” of their agreement.
Councilwoman Adriana Rocha Garcia (D4), who supported the incentive plan to bring the company to San Antonio, said she was glad the city wasn’t losing money on the deal.
“I think this proves that performance-based incentives are the way to go in the future,” she said. “If the partnership doesn’t meet its agreements, we’re safeguarded against these investments.”
Rocha Garcia expressed disappointment the agreement failed to bear fruit.
“It would have been really cool to have the DeLorean at the Port,” she said.
