Toyota committed to putting the money from Thursday's announcement toward an additional 230,000 engines' worth of capacity at its current Alabama plant by the end of 2021, and it will also add new four- and six-cylinder engine lines to the factory.
"These latest investments represent even more examples of our long-term commitment to build where we sell", Toyota Motor North America CEO Jim Lentz said in a statement. Last year Toyota and Mazda announced plans to build a $1.6 billion joint-venture plant in Huntsville that will eventually employ about 4,000 people.
Toyota Motor Corp said on Thursday it will invest $749 million in five US plants and add 586 jobs as it boosts engine production capacity and adds new hybrid models to its lineup.
The plant will also roll out two new engine lines. "I'm a business guy and I've always said that if we can help our businesses grow, there's no limit to what we can do". This is a $3 billion increase from their 2017 announcement when they pledged to invest $10 billion.More news: Facebook's Chief Product Officer and Head of WhatsApp Just Left the Company
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"Toyota's continued investment at their Buffalo, West Virginia manufacturing facility is a testament to the facility's hard-working employees and the success that comes with doing business in the Mountain State", he said in a news release. The jobs are not coming to the WSAZ region, but the company is investing $238 million in the Georgetown plant.
"We are especially grateful that workers in Central Kentucky will not only benefit from the strong consumer market for SUVs by producing the RAV4 Hybrid starting in January 2020 but also from the Lexus ES 300 Hybrid production this year", U.S. Sen. At the time, the average total hourly compensation for jobs at the plant was $45.47 - more than $90,000 a year for 40 hours of work a week, according to state documents.
As Toyota announced a massive expansion at five locations across the country on Thursday - the largest of which is taking place in Huntsville - Trump tweeted out his congratulations.
In addition to these investments, the company announced a one million dollar grant to the National Center for Families Learning to promote literacy. Officials from the company say literacy is a fundamental part of career preparedness.