Toyota will invest $1.33 billion at its Georgetown plant over the next two years to make it more nimble in adjusting to changing consumer demands in the future, plant President Wil James and Kentucky Gov. Matt Bevin announced Monday.
But the Toyota investment has been in the works for years as it gears up for production of the revamped 2018 Camry, long the top-selling auto in the U.S. Toyota has said the Camry's new underpinnings were designed four or five years ago, and the factory upgrade is needed to build the new vehicle which goes on sale late in the summer.
The company says the investment backs a new streamlined design and development protocol: Toyota New Global Architecture.
In 2016, TMMK produced almost a quarter of the total number of Toyota vehicles produced in North America - over 500,000. Trump was included in the release at the White House's request, according to AP.
Today's announcement adds to the $530 million investment the plant committed to in 2013, in part to support Lexus production. The Georgetown plant will be the first North American facility to use TNGA, starting with the 2018 Camry.
The Georgetown plant is Toyota's largest in the world.
While he has criticized auto companies, including Toyota, for investing in Mexican factories that supply vehicles to the U.S., he has also pledged to cut regulations to encourage the expansion of USA manufacturing facilities. It manufactures the Toyota Camry model, and Lexus models.
In clash of playoff styles, which one will reign supreme?
This is a great team at home with a 24-9-8 record but has the worst road record of any postseason team at 17-20-4. With all 82 games in the books, the standings are final and the National Hockey League playoffs are set to begin.
Toyota didn't dive too deep on specifics, but it claims part of the investment will go toward updating equipment and building a brand-new paint shop.
Toyota confirms that the company's latest investment is the biggest it had ever given to a single existing plant in the United States.
Toyota is also giving back to Scott County to help drive further economic development efforts for the community.
On Monday, President Donald Trump shared the credit in a tweet lauding Toyota's $1.3 billion retooling decision, although analysts say Toyota was most likely gearing up for the project months ago before Trump as president-elect assailed the company for expanding in Mexico. This is an addition to the Toyota New Global Architecture.
Georgetown Mayor Tom Prather, who along with Scott County Judge-Executive George Lusby attended the announcement, described the news as "that this plant in Georgetown will stay relevant for a very long time".
Asked if Trump's policies played a role in the decision, Vazin said: "No, but we do share his goal of growing the economy and jobs in the USA".
Comments