Toyota Motor Corporation has revealed plans to invest up to $10bn over the coming five years in US operations.
With this new commitment, the Japanese automaker’s total investment there will reach nearly $60bn since it entered the US market nearly seven decades ago.
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The announcement coincided with the official start of production at Toyota’s North Carolina battery facility, Toyota Battery Manufacturing, North Carolina (TBMNC).
TBMNC was established in late 2021 as the company’s first in-house battery production plant outside its home nation.
This site is now Toyota’s 11th manufacturing facility in the US and represents an investment of almost $14bn, generating up to 5,100 jobs.
The new battery plant reflects Toyota’s “best-company-in-town” approach, which focuses on investing in local production, supporting the community and providing a diverse range of options tailored to local requirements via a multi-pathway strategy.
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By GlobalDataCurrently employing around 50,000 people across the US, Toyota has produced more than 35 million vehicles across its 11 plants.
This latest news clarifies statements made by US President Donald Trump during a visit to Tokyo last month, when he claimed that Toyota would build plants across the US “to the tune of over $10bn”. At that time, the automaker declined to confirm any such plans, dismissing the statement as mere “speculation”, reported Bloomberg.
Toyota Motor North America president and CEO Ted Ogawa said: “Today’s launch of Toyota’s first US battery plant and additional US investment up to $10bn marks a pivotal moment in our company’s history.
“Toyota is a pioneer in electrified vehicles, and the company’s significant manufacturing investment in the US and North Carolina further solidifies our commitment to team members, customers, dealers, communities and suppliers.”
Earlier this year, President Trump called out Toyota for importing a substantial proportion of vehicles sold in the US, Bloomberg reported.
In 2017, the company promised a $13bn investment in its US manufacturing business. Earlier this year, Toyota stated that it had invested this figure in the US operations.
