Toyota Motor Corporation announced that it plans to invest US$ 10 billion to strengthen its US operations over the next five years, confirming a statement made previously by US President Donald Trump that the automaker had pledged to make the significant investment as part of Japan’s recent trade negotiations with the US.
Toyota did not provide any further details about the planned investment, but pointed out that the new funds will increase its cumulative investment in the US to US$ 60 billion since it began operations in the country some 70 years ago. The company confirmed that it currently employs approximately 50,000 people in the US across 11 manufacturing plants, adding that it has produced over 35 million vehicles in the country so far.
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The announcement was made as the automaker celebrated the opening of first overseas electric vehicle (EV) battery plant, in the US state of North Carolina, following an investment of US$ 13.9 billion. Toyota Battery Manufacturing North Carolina (TBMNC), dedicated to the production of lithium-ion batteries for battery electric vehicles (BEVs) and hybrid vehicles, officially began operations this week. At full production, the facility is expected to employ some 5,100 people.
The automaker said the new battery plant is part of its ‘best-company-in-town approach’ ―investing and producing locally, contributing to the local community and offering diverse options tailored to local needs through a multi-pathway strategy.”
Tetsuo Ogawa, president and CEO of Toyota Motor North America, said in a statement: “Today’s launch of Toyota’s first US battery plant and the additional US investment of up to US$ 10 billion 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.”
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