Toyota investing $1.3 billion in Georgetown, Kentucky
- Author: Leroy Wright Apr 16, 2017,
Apr 16, 2017, 4:30
According to Jim Lentz, CEO of Toyota Motor North America, the investment is part of the company's plan to invest a total amount of USD 10 billion dollars in the United States over the next five years.
Toyota didn't dive too deep on specifics, but it claims part of the investment will go toward updating equipment and building a brand-new paint shop. This brings Toyota Kentucky's investment in the last four years to approximately $1.86 billion.
The company announced this week that it's spending $1.3 billion at a Kentucky plant that will build its new Camry.
TNGA is a new strategy to the way vehicles are manufactured, shortening the development cycle for vehicle improvements and new vehicles and allowing for a more flexible production environment.
The announcement comes as global companies with big stakes in the USA economy scramble to highlight their commitments to employing Americans in hopes of staving off any friction with President Donald Trump.
TMMK is the first vehicle assembly facility in North America to incorporate the new architecture. Experts believe that the upgrades will prepare the facility for the production of the revamped 2018 Camry which is expected to feature a new exterior design, engine, and interior.
Kentucky officials said Toyota's contributions to the state's economy have been crucial.
"And yesterday Toyota just announced that it will invest more than $1.3 billion. into its Georgetown, Kentucky, plant, an investment that would not have been made if we didn't win the election".
"Toyota's decision to invest $1.3 billion in their Kentucky plant is further evidence that the economic climate has greatly improved under my administration", the statement said.
The investment in the vehicle manufacturers' largest production plant based in Kentucky, which employs over 8,200 people, aims to solidify its commitment to US manufacturing.
In January, Trump slammed Toyota for plans to bulk up its manufacturing operations in Mexico. "It also serves as a testament to the hard work and dedication of the plant's current employees, and reaffirms Toyota's confidence in the advantages of manufacturing in Kentucky".
The Georgetown Toyota plant is already the Japanese automaker's largest factory in the world. Last year, TMMK produced almost a quarter of the total number of Toyota vehicles produced in North America - over 500,000. (TMMK) said that this is the largest investment in the history of the plant.