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Toyota Motor North America is seeking tax breaks for a possible $531.7 million investment in its Texas plant, the San Antonio Express-News reported Tuesday, citing public records documents.
The Japanese automaker plans to build a new building, add 411 jobs and possibly expand its existing plant in San Antonio, Texas, which makes the Toyota Tundra pickup truck and Sequoia SUV, the report said.
Major automakers are now refocusing their efforts and investments on higher-margin hybrid and gasoline-powered vehicles after slowing demand for electric vehicles prompted them to cut their financial commitments to such models.
Since 2003, Toyota has invested $4.2 billion in the San Antonio plant, which began production in 2006 and employs more than 3,700 workers.
Reports say the San Antonio expansion could include more than 500,000 square feet of new space, but the company’s presentation to Bexar County did not specify what would be added to the facility.
Toyota did not immediately respond to a Reuters request for comment.
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