Japanese auto giant Toyota Motor Corp. announced that it will invest up to $10 billion in its US operations over the next five years. This confirms plans that US President Donald Trump announced a month ago, stating that the company "will build factories across the country." This is reported by Bloomberg, writes UNN.
Details
Toyota's official statement came during the launch of a new lithium-ion battery plant in North Carolina. The company did not disclose details of the investment distribution, clarifying that the funds will go "to support future mobility efforts."
Toyota's top executive in the US, Ted Ogawa, called the launch of the new production facility "a key moment in our company's history."
The plant, located near Greensboro, was built at a cost of $13.9 billion. It is expected to create 5,100 jobs and supply batteries for hybrid and all-electric vehicles.
Toyota's decision coincides with the Trump administration's course to move production to the US. Earlier, the president criticized the company for excessive imports of cars from Japan, so new investments could be a step towards strengthening its position in the American market.
In total, over almost seven decades of operations in the US, Toyota has already invested more than $50 billion, including in plants in Texas, Mississippi, and Kentucky.