Toyota Motor will invest $1.45 billion in Mexico to expand truck production, Mexico's ministry of economy has said.
The amount represents the total investment since 2020, according to a Toyota public relations official. The company advanced into Mexico in 2002.
The Toyota side informed the Mexican government of the investment plan at a meeting with the country's minister of economy, Marcelo Ebrard, on Thursday.
The automaker will spend the money on production of next-generation models, including a hybrid version of the Tacoma pickup truck, at two plants — one in the state of Baja California and the other in the state of Guanajuato.
Former U.S. President Donald Trump, who is set to return to the White House following his victory in Tuesday's U.S. presidential election, has vowed, during his campaigning for the race, to impose 200% tariffs on vehicles imported from Mexico to protect domestic industries.
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