TOKYO (dpa-AFX) - Toyota has announced its intention to invest $1 billion in two manufacturing plants located in the United States as part of a comprehensive expansion plan that may reach up to $10 billion over the next five years.
The automaker will allocate $800 million to its Georgetown facility to enhance production capabilities for the Toyota Camry and Toyota RAV4, while $200 million will be designated for its Princeton plant to increase the output of the Toyota Grand Highlander.
Previously, Toyota had confirmed plans to invest up to $10 billion in its U.S. operations by 2030, as the company adapts its production strategies in response to tariffs and changing trade policies.
The automaker has cautioned that U.S. tariffs could result in losses amounting to 1.4 trillion yen in the current fiscal year, which concludes this month, highlighting the financial challenges faced by global manufacturers operating in North America.
Toyota currently employs nearly 48,000 individuals in the United States and has also pledged to export vehicles manufactured in the U.S. to Japan under revised trade agreements established last year.
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