Auto giant Toyota started the week off right with an announcement that it plans to make a whopping $1.33 billion investment in its Georgetown, Kentucky, manufacturing plant – already Toyota’s largest in the world.
In a statement, Toyota Motor North America CEO Jim Lentz noted that the latest investment is part of the company’s strategic plan to invest $10 billion into the United States over the next five years.
The upgraded plant will lay the foundation for the innovative Toyota New Global Architecture process, which encompasses both design and manufacturing tweaks that are slated to ramp up the speed at which cars can be developed and produced.
President Donald Trump’s aggressive rhetoric toward the industry has been credited with prompted automakers to double down on their U.S. manufacturing capabilities instead of outsourcing.
“Toyota’s decision to invest $1.3 billion in their Kentucky plant is further evidence that manufacturers are now confident that the economic climate has greatly improved under my administration and echoes the recent National Association of Manufacturers’ 2017 Outlook Survey showing that 93% of manufacturers are now optimistic, which is an increase of 37% from just a few months ago,” Trump said in Toyota’s statement.
While the investment is not slated to add any jobs to the 8,200 positions that are currently filled at the Georgetown plant, it is expected to greatly facilitate the production of the best-selling Toyota Camry, which has led the passenger car field in sales for over a decade.