Toyota plans to add $600 million for US investment.

Amidst the building hype of automakers investing inside the American borders, Toyota Motor Corp. adds up to the list with a $600 million (P29.8 billion) investment and 400 new jobs inside the U.S.

This move from the Japanese carmaker follows the recent announcements from South Korean marques Hyundai and Kia, who plan to invest $3.1 billion (P155 billion) in the U.S. over the next 5 years. In addition, there was Ford, who previously cancelled its plan for Mexico to focus on a $700 million  (P34.8 billion) Michigan investment, following Trump’s plans to marginalize cars produced outside of U.S. borders.

As stated by Toyota, the said new jobs will be opened at their plant in Princeton, Indiana. The plan is said to meet sales for the Highlander midsize SUV, which recently received the 2017 Top Safety Pick+ good crash protection award.

The Highlander has been a great vehicle for our plant and we are excited to deliver even more of them to our loyal customers,”  said Toyota Indiana president Millie Marshall.

However, this is only a subproject of Toyota’s localization strategy, of which vehicles will be produced from where they will be sold. This was first announced at the 2017 North American International Auto Show, where the Japanese marque is said to be planning a $10 billion investment in the U.S. over the next 5 years

The project, which is said to add 40,000 Highlanders a year, will launch in 2019.

Latest News

View More Articles

Popular Articles