Toyota Motor confirmed it would put as much as $10 billion into the U.S. over the next five years to boost its local operations, less than a month after President Donald Trump flagged that the Japanese carmaker planned such an investment.
The announcement clears up a confusing moment from Trump’s visit to Tokyo last month, when he said Toyota would build plants all over the U.S. “to the tune of over $10 billion.” At the time, the automaker wouldn’t confirm such a plan, calling it mere speculation.
The automaker provided no further details on how it would spend the funds. David Christ, Toyota’s U.S. sales chief, said that would be revealed at a later date.
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