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Toyota Motor Corp’s North American unit is seeking tax breaks for a potential $531.7 million investment in a Texas plant that makes the Toyota Tundra pickup truck and Sequoia SUV, the company said on Tuesday.
Major automakers are refocusing efforts and investments on higher-margin hybrid and gasoline-powered vehicles after slowing demand for electric vehicles prompted them to cut financial commitments to such models.
“We continually evaluate our competitiveness and make decisions to support the potential for continued investment in our North American operations…,” Toyota said in an emailed statement to Reuters.
Toyota did not provide further details about the investment.
The San Antonio Express-News first reported the investment earlier in the day. Citing public record documents, the report said Toyota plans to build a new building, add 411 jobs and potentially expand its existing plant in San Antonio, Texas.
Since 2003, the Japanese automaker has invested $4.2 billion in the San Antonio plant, which began production in 2006 and employs more than 3,700 workers.
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