FBN’s Jeff Flock interviewed Ford Global Operations President Joe Hinrichs and Toyota North America SVP Bill Fay at the 2019 Chicago Auto Show.videoToyota North America SVP: The passenger car business is still good

FBN’s Jeff Flock interviewed Ford Global Operations President Joe Hinrichs and Toyota North America SVP Bill Fay at the 2019 Chicago Auto Show.

Japanese automaker Toyota on Thursday said it would invest $13 billion in its U.S. operations by the year 2021, boosting its previous pledge for investments totaling $10 billion over the same period.

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Toyota said it plans to add 600 new jobs at its U.S. manufacturing facilities over the same period as it builds more vehicles and car parts, including the Toyota RAV4 Hybrid and the Lexus ES 300h Hybrid. The company identified a total $750 million in investments at five U.S. facilities located in Alabama, Kentucky, Missouri, Tennessee and West Virginia.

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“These latest investments represent even more examples of our long-term commitment to build where we sell,” Toyota Motor North America CEO Jim Lentz said in a statement. “By boosting our U.S. manufacturing footprint, we can better serve our customers and dealers and position our manufacturing plants for future success with more domestic capacity.”

The increased investments were announced as the Trump administration mulls the potential implementation of tariffs on auto imports. The U.S. Commerce Department delivered a report to President Trump in late February assessing whether imported vehicles posed a national security threat to U.S. interests.

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Trump has 90 days to decide whether to implement tariffs. Toyota previously drew Trump’s ire for investing in production facilities in Mexico.

Source Link:
https://www.foxbusiness.com/markets/toyota-boosts-us-investments-to-13b-by-2021-adds-about-600-jobs

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