Toyota Boosts 5 Year US Investment Plan To $13 Bln; To Add 600 More U.S. Jobs

(RTTNews) - Japanese auto giant Toyota Motor Corp. (TYT.L, TM) announced Thursday a boost in its five-year investment plan in its U.S. operations to nearly $13 billion by 2021 from the original $10 billion committed in 2017. The plan will focus on advancing electrification and the creation of over 600 more new American jobs at its American manufacturing plants.

The increase in investment includes nearly $750 million in five different states. The new investments include adding the Toyota RAV4 Hybrid, the best-selling SUV in the U.S., and Lexus ES 300h hybrid vehicle production at its Georgetown, Kentucky, manufacturing plant

It also includes expanding engine capacity at its Huntsville, Alabama facility; doubling hybrid transaxle capacity at its plant in Buffalo, West Virginia; and a building expansion for additional castings at Bodine Aluminum's Jackson, Tennessee, facility as well as additional castings at its Troy, Missouri, facility.

Apart from this investment plan, his past year, Toyota already announced a joint venture with Mazda to build an additional plant in the U.S. The $1.6 billion joint investment will create up to 4,000 new jobs in Huntsville, Alabama, with production slated for 2021.

Source : https://markets.businessinsider.com/news/stocks/toyota-boosts-5-year-us-investment-plan-to-13-bln-to-add-600-more-u-s-jobs-1028031460

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