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Toyota mulls over $500 mln investment into Texas plant, San Antonio Express-News reports
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Toyota mulls over $500 mln investment into Texas plant, San Antonio Express-News reports
May 21, 2024 7:11 AM

May 21 (Reuters) - Toyota Motor's ( TM ) North America

arm is seeking tax relief for a potential $531.7 million

investment in its Texas facility, the San Antonio Express-News

reported citing public record filings on Tuesday.

The Japanese automaker plans to construct a new building,

add 411 jobs and potentially expand its existing plant in San

Antonio, Texas that manufactures the Toyota Tundra pickup truck

and Sequoia SUV, the report said.

Major automakers are now refocusing their efforts and

investments on hybrid and gasoline-powered vehicles with better

profit margins, after slowing demand for electric vehicles

prompted them to cut financial commitments towards such models.

Toyota ( TM ) has invested $4.2 billion in the San Antonio plant

since 2003 and employs more than 3,700 workers at the facility,

which began production in 2006.

The San Antonio expansion could encompass more than 500,000

square feet of new space, but the company's presentation to

Bexar County did not specify what would be added at the plant,

the report said.

Toyota ( TM ) did not immediately respond to a Reuters request for

comment.

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