Overview
- Toyota said it will invest up to $10 billion in the United States over the next five years to expand production of hybrids and other electrified vehicles.
- The announcement coincided with the opening of Toyota’s battery plant in Liberty, North Carolina, the company’s first such facility in the United States.
- The company said the plan would lift its cumulative U.S. investment to about $60 billion, though it did not detail how the new funds will be allocated.
- North America CEO Tetsuo Ogawa framed the move as executing Toyota’s strategy to build where it sells.
- The pledge followed President Trump’s October comment that Toyota would build plants across the U.S. exceeding $10 billion, and reporting notes Toyota currently operates 11 U.S. factories employing about 50,000 people.