Toyota to invest $912 million in U.S. plants to up hybrid production
The 2023 Prius Prime goes on display on April 6, 2023.
Scott Mlyn | CNBC
Toyota Motor On Tuesday, it announced plans to invest $912 million in U.S. manufacturing facilities in five Southern states as part of a previously announced plan for the company to invest up to $10 billion domestically by 2030.
The investments announced Tuesday are aimed at supporting increased production of hybrid vehicles, which Toyota led with a market share of more than 51% in the third quarter of this year, according to Motor Intelligence data. Most of the investments are expected to be completed by 2027.
The biggest investment announced Tuesday was $453 million for Toyota’s plant in Buffalo, West Virginia, to expand assembly of four-cylinder hybrid-compatible engines.
Other investments include $204.4 million for four-cylinder hybrid-compatible engines at a facility in Georgetown, Kentucky, and $125 million to expand Corolla production in Blue Springs, Mississippi, to include hybrid models.
The investments are expected to create 252 new jobs, according to Toyota, the second-largest seller of new vehicles in the United States. General Engines.
“Customers are embracing Toyota’s hybrid vehicles, and our U.S. production teams are gearing up to meet this growing demand,” Kevin Voelkel, senior vice president of manufacturing operations for Toyota Motor North America, said in a statement. “Toyota’s philosophy is to build where we sell, and we remain true to that philosophy by adding more American jobs and investing in our U.S. footprint.”
Tuesday’s investment announcement comes less than a week after the Japanese automaker approved plans announced by President Donald Trump last month. Investment up to 10 billion dollars More than expected in the next five years in the US
It also comes a few days after the Toyota sprout and President Akio Toyoda He reportedly wore a “Make America Great Again” hat and T-shirt featuring Trump and Vice President J.D. Vance while hosting a racing event at Fuji Speedway in Japan.
Automotive News reported on Sunday toyodaThe event, which also included comments on tariffs, hosted racer and automobile enthusiast US Ambassador George Glass.
“I’m not here to debate whether tariffs are good or bad. Every national leader wants to protect his own automotive industry,” Toyoda said. “We are exploring ways to make tariffs winning for everyone. The people we want to win the most are our customers.”
Toyota and the entire auto industry are trying to move forward with production plans amid regulatory changes affecting all-electric vehicles and Trump’s series of tariffs on new vehicles and auto parts this year.
