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Toyota Makes $90M Investment In Two US Manufacturing Facilities

Benzinga Real-time News · Feb 11, 2022 13:02

TM +1.07% TOYOF +0.37%

$Toyota Motor(TM.US)$ has made a $90 million investment in two of its U.S. manufacturing facilities to expand the production of electrified vehicles.
The company has made a $73 million investment in Toyota West Virginia (TMMWV) and $17 million in Toyota Tennessee (TMMTN).
The move comes after the $240 million investment announced in November, with the plan to increase hybrid transaxle production capacity to 600,000 units per year.
With today's announcement, Toyota has invested more than $2 billion in its West Virginia plant.
TMMWV will begin assembling an estimated 120,000 rear motor stators per year, a key component in electric motors.
"Toyota is moving quickly toward an electrified future, and West Virginia will play a critical role in that journey," said David Rosier, president of TMMWV.
Price Action: TM shares are trading lower by 0.10% at $194.22 on the last check Friday.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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