Toyota announces $238 million investment in Georgetown plant; increased production

Enlarge ImageToyota's factories in Alabama and Kentucky are about to get a big cash injection from HQ in order to offset potential tariffs.                  Toyota

"These latest investments represent even more examples of our long-term commitment to build where we sell", said Jim Lentz, chief executive officer for Toyota Motor North America.

Toyota announced previous year it would jointly build a new $1.6 billion plant with Mazda Motor Corp in Alabama. I couldn't be prouder of the work they do or more excited that Toyota is expanding their next generation hybrid transaxle production capabilities in our state.

"Since my time as governor, I've had the great pleasure of working with Toyota officials to build on their initial investment in our state, which now totals more than $1.4 billion and is directly responsible for 1,600 good-paying jobs".

The investment is part of the company's $13 billion investment aimed at expanding operations at its US plants in West Virginia, Kentucky, Alabama, Missouri and Tennessee by 2021, creating almost 600 new jobs.

The company got millions in state tax incentives when it upgraded the plant for the new process.

Toyota President Akio Toyoda will be in Washington Friday to deliver a speech in which he is expected to tout the new investments.

Kentucky's Toyota plant will begin production of the Lexus ES 300 Hybrid in May 2019, with a targeted 12,000 units produced annually.

The investment that was being announced Thursday morning is valued at $111 million and means hiring 123 new employees, the officials said.

Six million engines have come from the local assembly plant.

Leaders with the company said they will mainly invest in their equipment and infrastructure to start building hybrid engine blocks. It builds on capacity that was first announced two years ago.

"Today's exciting announcement shows Toyota's recognition and continued trust in the high-level skills and expertise of our fantastic team here in Kentucky", said Susan Elkington, president of Toyota's Kentucky facility.

Toyota has big plans in America, and to accomplish them it will be investing $749 million into its various United States manufacturing facilities in addition to creating jobs for 586 people according to a report published Thursday by Reuters.

"Toyota has been a wonderful partner for West Virginia". "By boosting our USA manufacturing footprint, we can better serve our customers and dealers and position our manufacturing plants for future success with more domestic capacity".

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