World Economy

Toyota to Invest $1.3b in Mexico, China

Toyota to Invest $1.3b in Mexico, ChinaToyota to Invest $1.3b in Mexico, China

Japan’s Toyota Motor Corp will spend about 150b yen ($1.3b) to build two new car plants in Mexico and China, two people familiar with plans said, ending a three-year freeze imposed after unchecked growth lumbered the world’s biggest auto maker with too many idle production lines. Reuters reported in January that plans were in place for new plants in the two countries, awaiting a green light from top management that has now been given. The new plants will raise Toyota’s annual production capacity by nearly 300,000 cars, the two people said – 200,000 in Mexico and up to 100,000 in China. The expansion may be announced formally as early as this month, the source said.