Toyota Motor Corporation (Toyota) has announced an additional investment of up to US$ 10 billion (Rs 83,310 crore) in the United States over the next five years. This will bring the company’s total U.S. investment to nearly US$ 60 billion since beginning operations in the US nearly 70 years ago.
The Japanese carmaker’s mega investment announcement comes after American president Donald Trump had last month claimed that Toyota was to set up plants across the US to the tune of US$ 10 billion.
Meanwhile, Toyota held an opening ceremony for Toyota Battery Manufacturing, North Carolina (TBMNC). Now officially starting production, the facility was established in November 2021 as Toyota’s first in-house battery manufacturing company outside Japan. TBMNC is Toyota’s 11th manufacturing facility in the US, representing an investment of nearly US$ 14 billion and the creation of up to 5,100 new jobs.
The new battery plant is part of Toyota’s ‘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. In the US, it employs approximately 50,000 people and has been involved in the development and manufacturing of over 35 million vehicles across 11 manufacturing plants.
Tetsuo Ogawa, president and chief executive officer, Toyota Motor North America, said: “Today’s launch of Toyota’s first US battery plant and additional US investment up to $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 U.S. and North Carolina further solidifies our commitment to team members, customers, dealers, communities, and suppliers.