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Toyota investing USD 749 million in five US plants

Auto News - Published on Tue, 19 Mar 2019

Image Source: INCORE
Reuters reported that Toyota Motor Corp will invest USD 749 million in five US plants and add 586 jobs as it boosts engine production capacity and adds new hybrid models to its lineup. President Donald Trump has prodded Japanese automakers to add more jobs in the United States as the White House has threatened to impose tariffs of up to 25 percent on imported vehicles, on the grounds of national security.

Toyota North America Chief Executive Jim Lentz told reporters that "All this activity I hope shows that we're a plus factor to the economic national security of the United States. We believe in America."

Toyota and other automakers have been lobbying heavily to block any new tariffs on imported vehicles.

Toyota said it will invest USD 288 million in Alabama to increase annual engine capacity from 670,000 to 900,000 by the end of 2021 and will add new 4-cylinder and V6 engine lines. It will also invest USD 238 million in a Kentucky plant to build hybrid versions of the Toyota RAV4 and Lexus ES 300h.

Toyota announced last year it would jointly build a new USD 1.6 billion plant with Mazda Motor Corp in Alabama.

Toyota said it will exceed a 2017 pledge to invest USD 10 billion over five years with a new commitment to reach nearly USD 13 billion over the same period, including Thursday's announcement.

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Posted By : Rabi Wangkhem on Tue, 19 Mar 2019
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