Toyota announces additional $10 billion investment in US
TOKYO
Japanese auto giant Toyota said Thursday it will invest $10 billion in the United States, confirming earlier comments from President Donald Trump on a visit to Asia.
Trump last month created some confusion by saying in October that Toyota CEO Akio Toyoda had told him in Tokyo about the investment plan.
"They are going to spend $10 billion. And build new car plants. And they are going to build them in numerous states," Trump said.
Toyota played down the comments, with finance chief Kenta Kon saying last week that it was "difficult to confirm the accuracy of the $10 billion figure."
But yesterday announced an "additional investment" of $10 billion over the next five years.
"This will bring the company's total U.S. investment to nearly $60 billion since beginning operations in the U.S. nearly 70 years ago," a statement said.
The announcement coincided with the opening of its first U.S factory making lithium-ion batteries for electric and hybrid cars.
The North Carolina plant is "Toyota's eleventh manufacturing facility in the U.S., representing an investment of nearly $14 billion and the creation of up to 5,100 new jobs," it said.
In exchange for lowering tariffs to 15 percent from a threatened 25 percent, 27.5 percent for Japanese cars, Tokyo agreed in July to invest $550 billion in the U.S. economy.
Japanese automakers are also being pressured by the Trump administration to export vehicles made in their US plants to Japan.
