Tags: toyota | plants | million | car | auto | vehicle | truck

Toyota to Invest $373.8 Million in 5 US Plants

Toyota to Invest $373.8 Million in 5 US Plants
(Shizuo Kambayashi/AP)

Tuesday, 26 September 2017 12:43 PM

Toyota Motor Corp. said on Tuesday it would invest $373.8 million in five manufacturing plants in the United States to produce its first American-made hybrid powertrain, as it looks to build more vehicles in the market which it sells.

The automaker said the investment would also be used to roll out Toyota New Global Architecture (TNGA) strategy at its Alabama plant, an initiative that aims to reduce the cost of developing new vehicles, partly by using more common components.

The company would also start production of hybrid vehicle transmissions at its Buffalo, West Virginia facility and expand its 2.5-liter engine capacity at Georgetown, Kentucky, Toyota said.

"This latest wave of investment represents our efforts to localize production of hybrid powertrains to the U.S.," said Jeff Moore, senior vice resident, manufacturing.

Toyota will modify its plant in Jackson, Tennessee to accommodate production of vehicle transmissions while its Huntsville, Alabama plant would undergo an upgrade enabling it to build engines complementing its strategy, the company said.

The projects are set to begin this year and would be operational in 2020, Japan's biggest auto company said.

In January, Toyota's North America CEO Jim Lentz said the company would invest $10 billion in the United States over the next five years to meet demand and upgrade plants to build more fuel-efficient models.

© 2018 Thomson/Reuters. All rights reserved.

   
1Like our page
2Share
StreetTalk
Toyota Motor Corp. said on Tuesday it would invest $373.8 million in five manufacturing plants in the United States to produce its first American-made hybrid powertrain, as it looks to build more vehicles in the market which it sells.
toyota, plants, million, car, auto, vehicle, truck
218
2017-43-26
Tuesday, 26 September 2017 12:43 PM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved