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(Photo = Yonhap news) |
[Alpha Biz= Reporter Kim Minyoung] According to Reuters on the 21st (local time), Toyota Motor North America plans to invest a total of $531.7 million (approximately 725 billion won) in its Texas factory, where it produces the Toyota Tundra pickup truck and Sequoia SUV. The company is shifting its focus back to investment in hybrid and gasoline-powered vehicles, which offer better profit margins, instead of electric vehicles (EVs) as the growth trend in EV demand has slowed down in the U.S.
San Antonio Express News, which first reported Toyota's investment news on the morning of the same day, stated that Toyota plans to build a new building and expand its existing factory in San Antonio, Texas, adding 411 jobs.
As the world's largest automaker, Toyota has invested $4.2 billion in the San Antonio factory since 2003, starting production in 2006, and currently employs over 3,700 workers at the plant.
On the same day, Nissan Motor announced plans to expand its EV lineup to five vehicles in the U.S. while discontinuing the development of battery-powered sedan models and focusing on accelerating the launch of SUVs.
Alphabiz Kim Minyoung (kimmy@alphabiz.co.kr)
