Toyota Motor Corp (ADR) (TM) to Spend $1.3B to Upgrade Kentucky Plant

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Toyota Motor Corp (ADR) (NYSE:TM) has announced plans to spend $1.33 billion on upgrading its Kentucky plant.

Toyota Motor Corp (ADR) (TM) to Spend $1.3B to Upgrade Kentucky Plant

The upgrade coming to Toyota Motor Corp (ADR)’s Kentucky plant will make it the first one in North America to begin using the Toyota New Global Architecture. The 2018 Toyota Camry will be the first car to be made in the United States using this process.

The upgrades coming to the Kentucky plant will also include ways to streamline the production process. This will include a new paint shop, as well as updated equipment. This is an addition to the Toyota New Global Architecture.

The Toyota New Global Architecture is a change to how the company develops and produces its vehicles. TM says that the process is just as safe as its previous methods, but that it allows it to speed up production of the vehicles.

“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,” President Donald Trump said in a statement.

Toyota Motor Corp (ADR)’s Kentucky plant is the largest one the automobile maker has. A previous commitment of $530 million to the plant in 2013 brings the company’s total investment in the facility in the last four years to $1.86 billion.

TM stock was up slightly as of Monday afternoon.


Article printed from InvestorPlace Media, https://investorplace.com/2017/04/toyota-motor-corp-adr-kentucky-tm/.

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