Published: Fri, March 15, 2019
Money | By Ralph Mccoy

Toyota says to boost U.S. investment to $13B over 5 years

Toyota says to boost U.S. investment to $13B over 5 years

The investment that was being announced Thursday morning is valued at $111 million and means hiring 123 new employees, the officials said.

Toyota says its latest investment will create 586 new jobs.

Toyota Motor Manufacturing Kentucky announced Thursday it will invest almost $280 million at its Georgetown plant, and new vehicles will soon be made at the facility.

RAV4 Hybrid production will start in January 2020 with an average capacity of 100,000 units. It will double to 240,000 units with this investment.

"Doubling our production of hybrid transaxles in West Virginia solidifies our facility's role in producing next-generation engines and transmissions that will drive the future of Toyota's advanced mobility technology", said Leah Curry, Toyota's West Virginia president said.

The plant was built as Toyota's first "wholly-owned vehicle manufacturing plant" in the United States.

The company is planning to invest $749 million in its Alabama, Kentucky, Missouri, Tennessee, and West Virginia plants Alabama is seeing the largest investment.

Toyota will be one of and more than 200 employers at a job fair planned from 11 3 p.m. on March 22 at the Charleston Coliseum and Convention Center. This is Toyota we're talking about, so of course it's more hybrids.

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Jim Justice said the investment is a big boost for the Mountain State.

According to the company, "the [Buffalo] plant represents a $1.4 billion investment".

Toyota announced past year it would jointly build a new $1.6 billion plant with Mazda Motor Corp in Alabama.

Toyota Motor Manufacturing Kentucky Inc. executives, local officials, and Gov. Matt Bevin got together for the announcement. That money will be used to boost production of hybrid vehicles and their components, including adding hybrid versions of the Lexus ES and Toyota RAV4 to Toyota Motor Manufacturing Kentucky.

"TMMK's 8,000 team members also build Camry, Camry Hybrid, Avalon, Avalon Hybrid and Lexus ES models with an annual capacity of 550,000 vehicles", a company spokesperson said.

Overall, the plant represents an investment of more than $7 billion dollars.

Toyota now manufactures the Camry, Avalon, Lexus ES 350, Camry hybrid and Avalon hybrid at the Georgetown facility.

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