Toyota Plans $10billion Investment in Five Years

Japanese automobile manufacturer, Toyota said it will invest $10bn (£8.2bn) in the United States over the next five years.

The firm’s North America chief executive, Jim Lentz, announced the decision at the Detroit motor show, BBC reports.

Lentz said it had nothing to do with President-elect Donald Trump’s hostility to imported cars, but was part of its existing strategy.

The U.S President elect, has threatened tax firms that make cars in Mexico for the US market. Mr Lentz said the money was going on a new headquarters in Texas and upgrades to existing US car plants.

Earlier, BMW told the BBC that it was “absolutely” committed to a new plant in Mexico, despite Trump’s opposition to such policies.

BMW is spending $1bn on a plant in Mexico, while other firms are investing in the US or moving production back.

On Sunday, Fiat Chrysler Automobiles (FCA) announced a $1bn plan to produce three Jeep models in the US. FCA will also move the production of a Ram pickup truck from Mexico to the US.

 

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