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Toyota said Tuesday it will invest $912 million in five U.S. plants to expand production of hybrid vehicles to meet growing demand.
The investment in hybrid vehicles – of which Toyota is a market leader – is part of the Japanese automaker’s recent announcement to spend up to $10 billion over the next five years in the United States. It also comes at a time when Toyota and the rest of the auto industry are trying to weather the effects of tariffs and the end of federal tax credits for electric vehicles.
The capital will be distributed among five Toyota plants in West Virginia, Kentucky, Mississippi and Missouri, and will largely focus on adding new production lines for components used in hybrid vehicles.
About $125 million will be spent to enable the production of the Toyota Corolla hybrid electric car, which is the first car of this model to be assembled in the United States. The largest portion, about $453 million, will go toward expanding production of the 4-cylinder hybrid engines, sixth-generation hybrid transmissions, and rear-engine components (called the stator) at Toyota’s plant in Buffalo, West Virginia.