Japanese carmaker Toyota recently announced that it is investing more than a billion dollars in order to update its massive plant based in Georgetown, Kentucky. The facility is known for the producing the popular Camry sedan.
Toyota said that no new jobs will be added to the facility. However, the carmaker did confirm that the investment will sustain the facility's current manpower numbering to 8,200. This particular facility in Georgetown is Toyota's largest in the world and it is responsible for producing one-fourth of all Toyota vehicles in the North America.
In 2016, the facility was able to produce more than 500,000 vehicles. This statistic is a testament as to how important this facility is in Toyota's overall operation.
: Toyota announces record $1.33 billion investment in Kentucky plant
— Toyota Motor Corp. (@ToyotaMotorCorp)
Toyota confirms that the company's latest investment is the biggest it had ever given to a single existing plant in the United States. Experts believe that the upgrades will prepare the facility for the production of the revamped 2018 Camry which is expected to feature a new exterior design, engine, and interior.
Toyota has also expressed its intention to invest as much as $10 billion in the US within the next five years. In a statement acquired by , President Donald Trump responded to the latest news saying, "Toyota's decision to invest $1.3 billion in their Kentucky plant is further evidence that manufacturers are now confident that the economic climate has greatly improved under my administration."
Aside from Toyota, Honda is also building some of their highest-selling cars in the US locally. Among these cars are the Honda Accord, Honda Odyssey, Toyota Sienna, and the Toyota Camry. Toyota's facility in Kentucky also assembles the Lexus ES 350 and Toyota Avalon, according to .