Published: Fri, March 15, 2019
Business | By Eloise Houston

Toyota says to boost USA investment to $13B over 5 years

Toyota says to boost USA investment to $13B over 5 years

The company identified a total $750 million in investments at five US facilities located in Alabama, Kentucky, Missouri, Tennessee and West Virginia.

Toyota Motor Manufacturing West Virginia announced a multimillion dollar investment at its Putnam County plant on Thursday. Last year Toyota and Mazda announced plans to build a $1.6 billion joint-venture plant in Huntsville that will eventually employ about 4,000 people.

"These latest investments represent even more examples of our long-term commitment to build where we sell", Toyota Motor North America CEO Jim Lentz said in a statement.

A $50 million expansion and equipment upgrade at a Bodine plant in Jackson, Tennessee, will add 13 jobs and produce engine blocks while doubling the capacity of hybrid transaxle cases and housings. While production for the new engine lines won't start until 2020, the plant is going to start filling the 450 needed positions immediately.

"They deserve to know if they're a security threat", he said.

Alabama Secretary of Commerce Greg Canfield, says Alabama's automotive sector is a success story that happened quickly. "I'm a business guy and I've always said that if we can help our businesses grow, there's no limit to what we can do".

Toyota announced Thursday it will boost its planned U.S. investment by $3 billion to $13 billion over 5 years to boost manufacturing in multiple states. This is a $3 billion increase from their 2017 announcement when they pledged to invest $10 billion.

That one was a $115.3 million investment to produce the company's first American-made hybrid transaxles.

"Congratulations Toyota! BIG NEWS for U.S. Auto Workers!"

Gov. Matt Bevin praised the announcement, saying, "To see this progress, to have a partner like Toyota, to be able to have somebody that is as truly as fine a corporate citizen of the world - and I mean this with respect to every other company, many of whom are here - I cannot think of a finer. corporate citizen as Toyota has been, at every turn, in every community, how blessed we are to have you".

The plant has expanded several times since it went online in 2001. Instead, it reflects Toyota's plan to build multiple vehicles at its plants to better insulate each facility from downturns in market cycles.

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