Toyota spends$1.33 billion on its Kentucky plant as part of its $10 billion investment strategy in the United States over the next five years. Roselle Chen reports.
Toyota is shelling out $1.33 billion on its Kentucky plant to make the Camry model. The investment is part of a bigger, $10 billion expenditure the automaker has planned for the United States over the next five years. With the announcement, Toyota joins other automakers - such as Fiat Chrysler, Honda, and Daimler - that have come up with their own ways to add to the U.S. economy since Donald Trump won the presidential election. Trump criticized Toyota earlier this year and said he would impose hefty tariffs if it built its cars for the U.S. market at a plant in Mexico. Michael Harley of Kelley Blue Book: (SOUNDBITE) MICHAEL HARLEY, DIRECTOR, EXECUTIVE ANALYST, KELLEY BLUE BOOK, (ENGLISH) SAYING: "It's not adding any new jobs, but what it does do it gives them deeper roots. And what the administration really wants, it wants jobs, and it wants roots. It wants automakers to stay in the U.S. So by Toyota investing all this money in infrastructure and plants, and manufacturing, it just says to the rest of the world and the administration that they're gonna stay for a while." Toyota says the investment will help in its new production process - building better cars, and responding quicker to customers.