Toyota Plans to Build $1 bn Plant in Mexico

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PUERTO VALLARTA: Toyota Motor Corporation, the world's largest automaker, said Wednesday it planned to invest $1 billion to build a new assembly plant in the central Mexican state of Guanajuato that will commence operations in 2019.

The plant will employ 2,000 people and have the capacity to produce 200,000 units annually, Toyota said in a statement.

The Guanajuato plant will manufacture Corolla sedans for the North American market.

The plant will be Toyota's 15th in North America, the first built since 2011 and the automaker's largest investment to date in Mexico.

"The skills of the workers and the ability to produce with advanced technology make central Mexico the right place for our plant," Toyota Motor Mike Bafan

Toyota Motor currently has its only Mexican plant in the northwestern state of Baja California, where it produced nearly 20,000 units in the first quarter of this year.

The Japanese automaker also announced plans to build a new plant in China as part of its plan to increase production capacity and jump-start its international expansion strategy.

"This investment represents our long-held principles of continuous improvement and challenging ourselves to always do better. An increase in production does not mean an undisciplined pursuit of more. Toyota's expansion must be driven by providing ever-better-cars and our talented people," Toyota Motor Corporation president Akio Toyoda said.