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ECONOMY > Trade

Toyota to invest additional $750 million in U.S.

  • March 15, 2019
  • , Asahi, Yomiuri, Nikkei
  • JMH Summary

Asahi, Yomiuri, and Nikkei reported on an announcement made on Thursday by Toyota Motor that it will invest an additional $750 million in the United States, adding that its newly-launched production of hybrid vehicles in the United States will create nearly 600 new jobs there. With the additional investment, the automaker will produce RAV4 sport-utility and Lexus ES Hybrid vehicles at its plant in Kentucky and boost its capacity for producing engines and transmissions at its plants in Alabama and West Virginia. Asahi speculated that Toyota made the decision in line with the Trump administration’s initiative to strengthen manufacturing in the United States.

 

Meanwhile, Nikkei wrote that Toyota announced that its total investment in the United States will likely reach nearly $13 billion over the five years through 2021, $3 billion more than previously pledged, with the additional $750 million investment in hybrid vehicles there. The paper conjectured that the investment is aimed at emphasizing Toyota’s contributions to the U.S. economy to the U.S. government, which is seeking increased investment in the country.

 

TV Asahi reported this morning that President Trump hailed Toyota’s decision by tweeting: “Congratulations @Toyota! BIG NEWS for U.S. Auto Workers!”

 

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