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Toyota evaluates investment of more than US$500 million in factory in Texas
(Reuters) – Toyota Motor Corp’s North American arm is seeking tax benefits for a potential project totaling $531.7 million in investment at its Texas unit, which makes the Toyota Tundra pickup truck and Sequoia SUV, the company said. this Tuesday.
Major car manufacturers are now refocusing their efforts and investments on hybrid and gasoline-powered vehicles with better profit margins, after slowing demand for electric vehicles led them to reduce financial commitments for such models.
“We are constantly evaluating our competitiveness and making decisions to support the potential for continued investment in our North American operations…,” Toyota said in a statement emailed to Reuters.
Toyota did not provide additional details about the investment.
The San Antonio Express-News first reported on the investment earlier in the day. The report, citing public records, said Toyota plans to build a new building, create 411 jobs and potentially expand its existing factory in San Antonio, Texas.
The Japanese automaker has invested $4.2 billion in the San Antonio plant since 2003 and employs more than 3,700 workers at the facility, which began production in 2006.
(Reporting by Shivansh Tiwary and Nathan Gomes in Bengaluru; Editing by Shilpi Majumdar)