Toyota has announced it will reach its January 2017 pledge to invest $13 billion in the US over a five-year period one year earlier than anticipated.
In addition to the investments previously announced, the company says it has invested $5.9 billion in supplier tooling, general plant upgrades, research & development, and other selling, general administrative costs, as well as a $1 billion investment into the Toyota Research Institute.
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“For more than six decades, we have been committed to serving our U.S. customers by investing locally and building cars where we sell them,” said Ted Ogawa, chief executive officer for Toyota Motor North America. “Our commitment to the U.S. market is unwavering, and we are underscoring this point today with the completion of a $13 billion investment and over 6,500 new jobs since 2017 as we focus on advancing electrification and improving mobility for more Americans.”
As the new USMCA (NAFTA successor) takes effect on July 1, Toyota says it is well-positioned to meet the ‘aggressive new content requirements’. Toyota says it has created a ‘tremendous value chain’ in the U.S., with more than $28.4 billion direct investment in the U.S., nine manufacturing facilities (as well as a joint venture with Mazda), nearly 1,500 dealerships and over 184,000 people working across the U.S.
