Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Manufacturing

Toyota to invest $10 bil in the United States

DETROIT, United States, Jan 10 – Toyota will invest $10 billion in the United States over the next five years, the company said Monday at the annual Detroit auto show.

The announcement comes just days after US President-elect Donald Trump criticized the Japanese manufacturer for a previously-announced relocation of Toyota Corolla production to Mexico.

Toyota will devote a majority of the new investment to improving manufacturing plants, spokeswoman Amanda Sawyer Roark said in an email to AFP.

“This investment also includes our new headquarters in Plano and research into autonomous vehicles and robotics,” she said.

The company declined to say whether the investments would lead to the creation of new jobs, a key mantra of the incoming US president, who has repeatedly targeted automakers with his tweets.

Toyota, the world’s largest automaker, employs 40,000 people in the United States, of which 5,000 were hired in the last five years.

Last Thursday, Trump tweeted about Toyota’s Mexico plans, saying, in part: “NO WAY! Build plant in US or pay big border tax.”

Like other companies Trump has attacked on Twitter, the threat worried the Japanese auto industry, and Toyota’s share price fell on the Tokyo Stock Exchange.

Toyota responded with a reminder of its existing US investments.

Advertisement. Scroll to continue reading.

“With more than $21.9 billion direct investment in the US … Toyota looks forward to collaborating with the Trump Administration to serve in the best interests of consumers and the automotive industry,” the company said in a statement.

In addition to Toyota, Trump also has criticized — and threatened with similar treatment — General Motors and Ford for relocating production facilities to Mexico in order to take advantage of cheaper labor under free-trade rules.

Ford last week scrapped a $1.6 billion investment in Mexico and then said on the first day of the auto show that it would revive two iconic American vehicles, the Bronco sports utility and Ranger pickup, building them in Michigan.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...