President Donald Trump is praising Toyota for its decision to make a huge investment in the United States.
Toyota proudly announced plans to invest $1.33 billion to begin producing vehicles using Toyota New Global Architecture (TNGA) at Toyota Motor Manufacturing, Kentucky, Inc. (TMMK).
The overhaul of the plant is part of Toyota’s 5-year plan to invest $10 billion dollars in the United States. The move will make TMMK the first plant in North America to use this technology.
Although the upgrades will not create new factory jobs, the investment will help the 8,200 Americans employed there to retain their jobs.
The investment is the largest in TMMK’s history, as well as the highest made by any automaker in Kentucky. Toyota says that the Georgetown, Kentucky, plant makes Toyota’s Camry sedans, its number-one selling car, as well as nearly a quarter of all Toyota vehicles made in North America.
“This major overhaul will enable the plant to stay flexible and competitive, further cementing our presence in Kentucky,” said plant president Wil James.
President Trump joined Sens. Mitch McConnell and Rand Paul in penning praises about the move which are included in the auto giant’s announcement.
Trump wrote, “Toyota’s decision to invest $1.3 billion in their Kentucky plant is further evidence that manufacturers are now confident that the economic climate has greatly improved under my administration and echoes the recent National Association of Manufacturers’ 2017 Outlook Survey showing that 93% of manufacturers are now optimistic, which is an increase of 37% from just a few months ago.”
However, Toyota has planned this investment for years. The upgrades are necessary to produce the revamped 2018 Camry. The Camry’s new exterior design, interior upgrades, and new engine created the need for TMMK to add over 700 jobs to support its launch. The Camry will also necessitate the construction of a new paint shop.
The Kentucky plant produced more than 500,000 vehicles last year; Toyota has invested $1.86 billion in the state over the last four years.
Governor Matt Bevin says that the move “reaffirms Toyota’s confidence in the advantages of manufacturing in Kentucky.”
More than 2.12 million Toyota vehicles were built in North American manufacturing plants last year.
H/T: Yahoo Finance
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