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Toyota investing $750M, adding 600 jobs at 5 U.S. plants

BUFFALO, W.Va. — Toyota on Thursday announced it is investing an additional $750 million at five U.S. plants that will bring nearly 600 new jobs, including the production of two hybrid vehicles for the first time at its Kentucky facility. It marks yet another expansion of the Japanese automaker's U.S. presence, bringing to nearly $13 billion the amount it will spend by 2021. The latest investments are at facilities in Alabama, Kentucky, Missouri, Tennessee and West Virginia. Those same facilities were part of a 2017 announcement by Toyota for a $374 million investment to support production of its first American-made hybrid powertrain. Toyota Motor North America CEO Jim Lentz said the latest investments "represent even more examples of our long-term commitment to build where we sell. By boosting our U.S. manufacturing footprint, we can better serve our customers and dealers and position our manufacturing plants for future success with more domestic capacity." Toyota's Georgetown, Kentucky, facility will get a $238 million infusion to produce hybrid versions of Lexus ES 300 sedans starting in May and the Rav4 SUV starting in January 2020, the company announced. It also includes $288 million to increase annual engine capacity at Toyota's Huntsville, Alabama, facility. The plant will add 450 jobs to accommodate new four-cylinder and V6 engine production lines. Last year Toyota and Mazda announced plans to build a $1.6 billion joint-venture plant in Huntsville that will eventually employ about 4,000 people. Toyota also is spending $62 million on equipment to boost production of Toyota and Lexus cylinder heads at its Bodine Aluminum facility in Troy, Missouri, as part of its cost-saving New Global Architecture production strategy to share common parts and components among different vehicles. A $50 million expansion and equipment upgrade at its Bodine plant in Jackson, Tennessee, will add 13 jobs and produce engine blocks while doubling the capacity of hybrid transaxle cases and housings. And Toyota will add 123 jobs and spent $111 million to expand its plant and purchase equipment in Buffalo, West Virginia, to double the capacity of hybrid transaxles. Previously, Toyota also announced a $600 million investment at its Princeton, Indiana, plant to increase the capacity of its Highlander SUV and to incorporate the new production strategy, and $170 million to launch the 2020 Corolla on a new production line in Blue Springs, Mississippi.

Toyota GR GT3 Concept: a long, lean racer with road aspirations

Toyota and Lexus trundled into the 2022 Tokyo Auto Salon with a bundle of modded gear. There are two especially racy bits — one, the GRMN Yaris we've already covered, and this, the Gazoo Racing GT3 Concept that is philosophically, if not aesthetically, related to the Yaris. Toyota believes it can provide more enjoyment for customers by commercializing race cars than by making customer cars racy. So instead of turning one of its road cars into a GT3-class competitor (Toyota does sell a Supra GT4), the GT3 Concept could be a customer potential race car that, as required by GT3 homologation rules, would become a road car.   Toyota Gazoo Racing President Koji Sato said the competition division will make a prototype GR GT3 at some point this year. That doesn't mean the exercise will go beyond this one-off, but Gazoo did also say, "TGR intends to use feedback and technologies refined through participation in various motorsports activities to develop both GT3 and mass-production cars and further promote making ever-better motorsports-bred cars," so its seems we will feel the effects of this somewhere. Based on the form factor of long, low hood and truncated, sloping rear, we could draw a line from the GR GT3 Concept to the Lexus Electrified Sport concept the luxury arm showed in December. Inspired by the LFA, that road car concept was claimed to hit 60 mph in the low 2-second range and be able to run about 435 miles on a charge. But we think it makes a lot more sense to draw a line from the GR GT3 Concept to Mazda's RX Vision GT3 concept from March 2020. We're not accusing GR of copying, but Toyota and Mazda are tight, and these two concepts could be confused for different skins on the same chassis in a video game. We'd be happy to see both make it to GT3 competition as it means there'd be street-legal versions, and frankly, this is probably a better path from circuit to street than the LMDh endurance racing hypercar that Gazoo Racing has toyed with turning into a street-going customer option. Elsewhere on the carmaker's Tokyo Auto Show stand, there was a racy on-road concept from Toyota and two off-road focused concepts from Lexus. The Toyota bZ4X GR Sport Concept turns the battery-electric crossover into a Friday L.A. nightclub hopper with a matte black exterior on big wheels in low-profile tires, and sport seats inside.

Toyota sells off Tesla shares, too

The incredible rise of Tesla's stock price has done little to now stop two major shareholders from ditching their stake in the American EV manufacturer. First, Daimler, parent company of Mercedes-Benz, ditched its four-percent stake, and less than a week later, Toyota is doing the same thing, selling off an undisclosed bit of its Tesla investment.
The move comes as Toyota winds down sales of the RAV4 EV, which gets its batteries and electric motor from Tesla at the company's Fremont, CA factory.
"We have a good relationship with Tesla, and will evaluate the feasibility of working together on future projects," Toyota spokesperson Kayo Doi told Bloomberg via email.