Toyota Motor (NYSE:TM) will spend $10-B in US capital investments over the next 5 years, matching the Japanese automaker’s investments over the prior 5 years, North America CEO Jim Lentz said Monday.
The automaker has come under fire from President Elect Donald Trump for announcing in Y 2015 plans to shift production of its Corolla to Mexico from Canada.
Mr. Lentz said in an interview at the Detroit auto show the decision is part of the automaker’s business strategy to invest in the United States, where it has 10 plants in 8 states.
Mr. Lentz said the planning for the new Mexico plant began about 2 years before it was announced in Y 2015. These are long-term decisions, he said.
Mr. Lentz has not spoken with US President Elect Donald Trump.
The $10-B includes Toyota’s new North American HQ’s in Texas that is under construction and big improvements to its plants.
Mr. Lentz said Toyota plans to expand some of its US plants over the next 5 years, but declined to say if that would boost jobs.
Toyota currently employs 40,000 in the United States.
Mr. Lentz said “everyone” agrees with Trump’s goals of boosting manufacturing and U.S. employment in part because “it helps us sell more cars… We are all in favor of what he is attempting to do.” “We have to run our business as a global business. I have to make sure that we are competitive.”
|NYSE:TM||119.8||9 January 2017||-0.33||119.48||119.94||119.47||96,022|
|HeffX-LTN Analysis for TM:||Overall||Short||Intermediate||Long|
|Bullish (0.26)||Neutral (0.06)||Bullish (0.29)||Bullish (0.43)|
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