Toyota investing $750M while other automakers scale back

    Toyota says it will invest an additional $750 million at five U.S. plants, creating nearly 600 new jobs, including the production of two hybrid vehicles for the first time at its Kentucky facility.

    It marks yet another expansion of the Japanese automaker’s U.S. presence, bringing to nearly $13 billion the amount it will spend by 2021.

    The latest investments are at facilities in Alabama, Kentucky, Missouri, Tennessee and West Virginia. Those same facilities were part of a 2017 announcement by Toyota for a $374 million investment to support the production of its first American-made hybrid powertrain.

    Toyota Motor North America executive Chris Reynolds said the investments represent yet more examples of the company’s long-term commitment to building where it sells, irrespective of trade uncertainty due to tariffs.

    “Our overarching manufacturing principle is if we can sell it here we need to make it here. That’s been true before any tariff uncertainty, it’s true during tariff uncertainty and it will be true after. Our investment cycles go beyond any particular political cycle,” he said during a conference call with reporters.

    Toyota Motor North America CEO Jim Lentz said, “In a time when others are scaling back, we believe in the strength of America, and we’re excited about the future of mobility here in America.” Read the full story.

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