/

Toyota unveils $1 billion North American campus in Texas

Massive $1 billion campus part of pledge to invest $10 billion in five years

JIJI

Toyota Motor Corp. unveiled its new North American headquarters in Plano to the media on Thursday.

The head office of wholly owned subsidiary Toyota Motor North America Inc. is a seven-building complex that brings together the group’s sales and financial operations in California, production unit in Kentucky and public relations company in New York.

The total investment related to the construction of the new corporate campus and the relocation stands at $1 billion, which is part of the $10 billion Toyota has promised to invest over five years.

Congratulating Toyota on the opening of the new headquarters, U.S. President Donald Trump said in a statement that he applauds Toyota’s decision to make the investment and is “proud” of the work the U.S. unit is doing.

The move to the new campus, where the total workforce reaches about 4,000 people, is necessary for sustained growth of Toyota for the next 50 years, said Jim Lentz, chief executive of Toyota Motor North America.

By making the move, Toyota can “make sure that we could do a better job satisfying more customer needs,” he said.

Lentz also said Toyota has no immediate plan to build an auto factory in the United States, saying the current capacity level is “right” for the volume of the U.S. automotive market. In North America, Toyota builds roughly 2.1 million vehicles, according to Lentz.

A possible U.S. tariff hike for foreign steel and aluminum products that the Trump administration is considering will cause little impact on Toyota, Lentz said