Toyota ups U.S. investment to $13 billionby Drew Johnson
The decision will create hundreds of new jobs.
Toyota has announced a plan to boost investment in several of its U.S. production facilities. Toyota says the money will be used to advance its electrification efforts and create hundreds of new jobs.
Toyota's latest announcement is an add-on to a plan first announced in 2017. Back then Toyota said it would spend $10 billion over five years to update several of its manufacturing plants, but the company is now upping its investment to $13 billion.
On Thursday Toyota allocated $750 million of that total to facilities in Alabama, Kentucky, Missouri, Tennessee and West Virginia. That money will be used to boost production of hybrid vehicles and their components, including adding hybrid versions of the Lexus ES and Toyota RAV4 to Toyota Motor Manufacturing Kentucky.
"These latest investments represent even more examples of our long-term commitment to build where we sell,” said Jim Lentz, chief executive officer for Toyota Motor North America. "By boosting our U.S. manufacturing footprint, we can better serve our customers and dealers and position our manufacturing plants for future success with more domestic capacity.”
Toyota says its latest investment will create 586 new jobs.