Toyota to invest $600 million, create 400 jobs at Princeton plant

Toyota to invest $600 million, create 400 jobs at Princeton plant

Toyota to invest $600 million, create 400 jobs at Princeton plant

The company is pumping $600 million into the 20-year-old Princeton plant and could add 400 employees by 2019.

Toyota said in a statement that the investment "will be used for retooling, new equipment and advanced technologies to make the plant more competitive".

It said the IN investment would increase production of its Highlander SUVs by an annual 40,000 vehicles from the second half of 2019, or around 17 percent from 2016 levels. "This expansion is part of Toyota's localization strategy to build vehicles where they are sold".

The Indiana Economic Development Corp. says Toyota's $600 million plans are tied with Rolls-Royce's 2015 Indianapolis investment and second to only General Motors' $1.2 billion plans for the largest capital commitment to come through the statewide organization since it was established 12 years ago.

Governor Holcomb made the announcement on Tuesday from the visitors center at the plant.

Ford and GM aren't only two automakers investing in American jobs.

The Japanese automaker plans to invest $10 billion in its United States factories over the next five years.

Last year, the Japanese automaker broke ground on a new auto plant in central Mexico just days after Trump defeated Democrat Hillary Clinton in the presidential election.

With about 5,100 workers today, the Princeton plant also makes the Sequoia SUV and Sienna minivan.

Like many automakers, Toyota has been ramping up production of sport utility vehicles (SUVs) in the United States as low fuel prices spur demand for larger cars.

However, the production shift probably has nothing to do with Trump's tweets.

Toyota's move to expand US manufacturing more likely coincides with the next redesign of the Highlander than any reaction from the president.

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