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.