 has said that it plans to invest $1.33 billion into the Kentucky plant, as part of an increased investment){kind=link}
Toyota Motor Corp (TYO:7203) has said that it plans to invest $1.33 billion into the Kentucky plant, as part of an increased investment of $10 billion in the US over the next five years.
“Toyota’s decision to invest $1.3 billion in their Kentucky plant is further evidence that manufacturers are now confident that the economic climate has greatly improved under my administration”, said Trump in the statement issued by Toyota.
Trump had previously criticised the Japanese automaker, warning that he would impose a large fee on the company if they built the new Corolla cars in the Mexico plant.
When asked if Trump’s warning had an influence on the decision spokesperson Scott Vazin said, “No, but we do share his goal of growing the economy and jobs in the U.S.”
Toyota is not the only automaker that plans to increase investment in the US. Fiat Chrysler Automobiles (BIT:F), Honda Motor Co (TYO:7267) and Daimler AG (OTCMKTS:DDAIF) have also announced plans to increase investment in the US since the result of the election.
U.S. automakers Ford Motor Co (NYSE:F) and General Motors (NYSE:GM) are also planning to spend more domestically.
The Japanese automaker’s investment in the Kentucky plant will spread out over the next three years. They hope to introduce new product development in the plant and develop a manufacturing process that shortens vehicle development cycles.
“This $1.33 billion investment is part of Toyota’s plan to invest $10 billion in the U.S. over the next five years, on top of the nearly $22 billion Toyota has invested in the U.S. over the past 60 years,” said chief executive of Toyota Motor North America, James E. Lentz.
The automaker’s plant in Kentucky employs approximately 8,200 workers. The carmaker recently increased by 700 ahead of the launch of the new version of Camry.