Toyota to Invest $1.34 Billion in Argentina Production Plant
The plant is expected to generate $1.28 billion in annual exports and create more than 2,600 jobs, Caputo said.
- On Wednesday, Economy Minister Luis Caputo announced that Automaker Toyota Motor will invest $1.34 billion to develop a new electric vehicle plant in Argentina, marking the largest single investment in the country's automotive industry.
- Under the RIGI incentive regime for large investments, the government committee approved the project located in Zarate, Buenos Aires, where Toyota has operated a manufacturing plant since 1997.
- The facility is expected to generate $1.28 billion in annual exports, with about 70% destined for foreign markets, while creating more than 3,600 construction jobs and more than 2,600 operational positions.
- Automakers are increasing investments across Latin America to counter intensifying competition from Chinese imports, following recent expansions by other manufacturers including French automaker Renault's new assembly line at its Cordoba plant.
- At its Zarate site, Toyota currently produces the Hilux pickup, SW4 sport utility vehicle, and Hiace van. Adding electric vehicle production strengthens the Japanese company's long-term position in the regional market.
10 Articles
10 Articles
The Japanese assembler Toyota Motor will invest US$ 1.34 billion to build a factory in Argentina, said on Wednesday (30) the country's minister of economy, Luis Caputo. The new factory, in Zárate, province of Buenos Aires, will produce a fully electric vehicle, said Caputo, and must generate US$ 1.28 billion in annual exports. According to the Argentine minister, more than 2,600 jobs must be generated in the operational phase of the manufacturin…
70% of the production will be for export. They project sales of US$ 1,280 million annually. They will be produced at the plant in Zárate. The final investment decision must still be approved by the company.
Luis Caputo, Minister of Economy, confirmed the approval of the automotive entry to the RIGI; as anticipated by LA NACION, the project would focus on the production of the new generation of Hilux; foreign sales are expected for $1280 and 2,600 new jobs
Toyota to invest $1.34 billion in Argentina production plant
Sept 30 : Automaker Toyota Motor will invest $1.34 billion to develop a production plant in Argentina, Economy Minister Luis Caputo said on Wednesday.The plant will produce a fully electric vehicle, Caputo said, and is expected to generate $1.28 billion in annual exports and create over 2,600 jobs during its
The automaker will invest US$1,341 million in Zárate to manufacture a 100% electrified vehicle and plans to export US$1,280 million annually. The post RIGI: Toyota will invest US$1,341 million in a plant in Zárate appeared first on El Intranssigente: Latest news from Argentina and the world in real time.
Coverage Details
Bias Distribution
- 60% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
