Toyota Motor (TM) - Get Free Report said Wednesday it would invest $600 million and add 400 jobs in its Indiana plant where it assembles the Highlander midsize SUV, only weeks after U.S. President Donald Trump threatened the Japanese automaker over its plans to build a new plant in Mexico.
Japan's biggest company by market value said the investment would be aimed at upgrading the plant in Princeton, Indiana, with new equipment and advanced technologies and would add 40,000 Highlanders per year. The investment comes as part of Toyota's plan to invest $10 billion in the U.S. over the next five years. The new investment in Indiana would start in 2019.
President Trump lashed out at Toyota early January and said it would need to pay 'big border taxes' if it went ahead with its plan to build a new plant in Mexico for selling Corolla models in the U.S.
In its statement today, Toyota reminded the market that over the last 60 years it had produced more than 30 million cars and trucks in North America, where it has 14 plants and created 44,00 0 jobs. Of those, the company has contributed to setting up 10 plants and 34,000 jobs in the United States, it said.