Toyota to Invest 912 M. Dollars in U.S. to Boost Hybrid Output

New York, Nov. 18 (Jiji Press)–Toyota Motor Corp. said Tuesday that it will invest 912 million dollars in five U.S. plants to further localize production of hybrid vehicles, which continue to sell well in the country. The move is part of the leading Japanese automaker’s plan unveiled earlier this month to additionally invest up to 10 billion dollars in the United States over the next five years. While electric vehicles make up only about 7 pct of the U.S. new automobile market, the share of hybrid models has expanded to 13 pct, according to recent data. Toyota vehicles account for roughly half of U.S. hybrid sales, attesting to the company’s strong presence in the segment. A Toyota Motor North America executive said that customers are embracing the company’s hybrid vehicles and that Toyota is preparing to meet rising demand. Of the fresh investment, 125 million dollars will go to Toyota’s Mississippi plant to begin the U.S. assembly of the Corolla Hybrid, which is currently built in Japan and exported to the United States. The automaker will allocate 453 million dollars to its West Virginia plant to reinforce the production capacities for engines of hybrid vehicles and other core components. The other three plants that get fresh investment are in Kentucky, Missouri and Tennessee. A total of 252 new jobs will be created through the new investment. The 10-billion-dollar additional investment plan, announced Wednesday last week, is aimed at expanding Toyota’s U.S. manufacturing capacity for hybrids and EVs. Following a summit with Japanese Prime Minister Sanae Takaichi in late October, U.S. President Donald Trump said, “Toyota is going to be putting auto plants all over the United States to the tune of over 10 billion dollars.” END [Copyright The Jiji Press, Ltd.]