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Benzinga
Benzinga
Business
Shivani Kumaresan

Toyota Invests $383M In US Manufacturing Plants

Toyota TM United States Lexus NYSE Toyota Motor Corp Alabama Kentucky Missouri Tennessee
  • Toyota Motor Corp (NYSE:TM) plans to invest $383 million in four of its U.S. manufacturing plants building new Toyota and Lexus vehicles.
  • The new investment is aimed at supporting the production of four-cylinder engines, including options for hybrid electric vehicles, at its Alabama, Kentucky, Missouri, and Tennessee plants.
  • "Toyota customers want vehicles that are fuel-efficient and electrified," said Norm Bafunno, SVP, Unit Manufacturing and Engineering, Toyota.
  • In 2021, Toyota announced new investments totaling $5.1 billion into its U.S. manufacturing operations to support electrification effort.
  • Price Action: TM shares are trading higher by 0.55% at $171.20 on the last check Tuesday.
  • Photo Via Wikimedia Commons
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