Toyota will invest $1.45 billion in Mexico

SAO PAULO (Jiji Press) – Toyota Motor Corp. will invest $1.45 billion in Mexico to expand truck production, Mexico’s Economy Ministry has said.

The amount represents the total investment since 2020, a Toyota PR official said. The company moved to Mexico in 2002.

Toyota’s side informed the Mexican government of the investment plan on Thursday during a meeting with the country’s Economy Minister Marcelo Ebrard.

The automaker will spend the money on producing next-generation models, including a hybrid version of the Tacoma pickup, at two factories: one in the state of Baja California and the other in the state of Guanajuato.

Former US President Donald Trump, who is set to return to the White House after his victory in Tuesday’s US presidential election, pledged during his pre-race campaign to impose 200 percent tariffs on vehicles imported from Mexico to protect domestic industries.