Toyota has just announced that it will invest $1.33 billion at its plant in Kentucky, a figure which represents the second-largest investment in the state’s history.
The automaker has revealed that its Kentucky facility will become the first in North America to produce vehicles based around the Toyota New Global Architecture (TNGA), including the 2018 Camry. The investments will also see much of the equipment at the factory updated and an all-new paint shop constructed.
According to chief executive of Toyota Motor North America Jim Lentz, “This $1.33 billion investment is part of Toyota’s plan to invest $10 billion dollars in the U.S. over the next five years, on top of the nearly $22 billion Toyota has invested in the U.S. over the past 60 years.
“Toyota New Global Architecture is about exciting, ever-better vehicles for our customers as it will improve performance of all models, including increased fuel efficiency, more responsive handling, and a more stable, comfortable feel while driving,” Lentz said.
Currently, the facility employs 8,200 people and recently added over 700 new staff to prepare for the launch of the 2018 Camry. Last year, the Kentucky plant produced over 500,000 vehicles, making it the company’s largest plant in the world.
In a statement, President Trump revealed his satisfaction at Toyota’s huge investments, saying “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.”
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