Toyota to invest $912M in US plants to expand hybrid production
Investment part of previously announced plan to invest up to $10B in US domestically by 2030
ISTANBUL
Japanese carmaker Toyota Motor announced Tuesday that it plans to invest $912 million in the five US manufacturing plants to increase its hybrid vehicle production to meet growing demand for the vehicles in the country.
The investment is a part of a previously announced plan for the company to invest up to $10 billion domestically by 2030, according to a statement by Toyota.
"The plants to receive the investment are the Buffalo plant in West Virginia, Georgetown plant in Kentucky, Blue Springs plant in Mississippi, Jackson plant in Tennessee, and Troy plant in Missouri," it said.
The biggest investment made on Tuesday was $453 million to expand the production of four-cylinder hybrid-compatible engines at Toyota's Buffalo, West Virginia, facility.
Other investments included $204.4 million in a Georgetown, Kentucky, facility for four-cylinder hybrid-compatible engines, as well as $125 million to expand Corolla production in Blue Springs, Mississippi, including hybrid vehicles.
Toyota, the second-largest seller of new vehicles in the United States after General Motors, said that it expects the investments to produce 252 new jobs.
The investment announcement on Tuesday comes less than a week after the Japanese automaker confirmed intentions made by President Donald Trump last month to invest up to $10 billion more than originally projected in the US over the next five years.
"The additional investment is part of Toyota's 'best-company-in-town' approach―investing and producing locally, contributing to the local community and offering diverse options tailored to local needs through a multi-pathway strategy," Toyota added.
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