Just days after Ford and Fiat Chrysler both announced plans to invest millions of dollars into U.S. plants that will create American jobs, another car manufacturer has announced plans to invest in our country.
Toyota Motor Corp. plans to invest $10 billion dollars into the United States over the next five years!
— Breaking911 (@Breaking911) January 10, 2017
According to The Wall Street Journal, “Most of the money will go toward outfitting Toyota factories to handle production of vehicles built on the company’s new modular platform, a company spokeswoman said on Tuesday.”
Toyota’s planned $10 billion investment came on the heels of President-elect Donald J. Trump’s criticism of Toyota and other car companies for their practice of building cars in Mexico and then importing them into the United States to sell to American consumers, rather than build their cars domestically.
Toyota Motor said will build a new plant in Baja, Mexico, to build Corolla cars for U.S. NO WAY! Build plant in U.S. or pay big border tax.
— Donald J. Trump (@realDonaldTrump) January 5, 2017
More from WSJ:
Mr. Trump’s criticism of Toyota came just hours after Mr. Toyoda had signaled a willingness to work with the new administration and said the company aimed to maintain employment numbers in the U.S.
Auto makers have faced pressure from the incoming administration to manufacture more vehicles in the U.S. Earlier this week, Fiat Chrysler Automobiles NV said it would invest $1 billion in two existing plants in the U.S., creating what it says will be 2,000 new jobs.
Toyota has invested heavily in manufacturing operations on both sides of the U.S.-Mexico border as part of a multidecade effort to produce more cars closer to where it sells them.
The company says it employs 136,000 people in the U.S., including its network of dealers.
During the 2016 campaign, President-elect Trump harshly criticized American companies, beyond just auto manufacturers, for refusing to produce their products in America simply to save a few bucks and import them into the United States from countries with cheaper labor.
Trump has promised that once in the White House he will work to create a tax and regulatory climate that will encourage American companies to remain in the United States instead of building products overseas. Even before taking the oath of office, Trump has worked with numerous companies, convincing them to keep production here and to help create more American jobs!
Do you think that Trump will be able to continue convincing companies to invest and create more jobs in America when he takes office? Share your thoughts below!