Toyota Commits $1.45 Billion to Boost Hybrid and Pickup Production in Mexico
By Elenne Castro y Mariana Méndez
November 12, 2024
Toyota Motor de México has announced a $1.45 billion investment to boost production of its Tacoma pickup truck and its hybrid-electric version, both manufactured at its Baja California and Guanajuato plants.
Toyota México President Luis F. Lozano confirmed the news in a message broadcast on social media alongside Secretary of Economy Marcelo Ebrard.
The investment will also create over 1,600 additional jobs at both plants by the end of 2024, solidifying Mexico's role as a strategic hub for Toyota's North American competitiveness.
“At Toyota, we believe in the importance of investment for economic, environmental, and social development,” Lozano remarked. “This additional amount reflects our confidence in Mexico as a cornerstone of our North American competitiveness.”
Strengthening Operations in the Bajío Region
Of the total investment, $1.114 billion will go to the Toyota Motor Manufacturing plant in Apaseo el Grande, Guanajuato, where 450 new jobs will also be created, as noted by Cristina Villaseñor, head of the Guanajuato Ministry of Economy.
“This is great news, and as our governor Libia Denisse García mentioned, Toyota has confirmed that Guanajuato will receive $1.114 billion and 450 new jobs, effectively tripling the total investment in the state,” Villaseñor said.
Toyota began investing in Guanajuato in 2015, initially dedicating approximately $800 million for the construction of its assembly plant, inaugurated in 2019. This facility has since become a key part of Toyota’s electrification strategy.
In 2023, Toyota invested an additional $328 million in the plant to adapt production lines for the hybrid-electric Tacoma.
“With this, we are nearing $2.2 billion in total investment from 2015 to 2024. We’re celebrating Toyota’s ongoing commitment to Guanajuato as we work together on sustainable and electric automotive systems,” Villaseñor added.
Toyota’s Presence in Mexico
Including the latest announcement, Toyota’s total investment in Mexico exceeds $3 billion since it began operations 22 years ago. The company generates approximately 6,000 direct jobs and produces around 300,000 units annually, positioning Mexico as one of its most important manufacturing centers in North America.
Toyota also operates a Training Center in San Luis Potosí, a Parts Distribution Center in the State of Mexico, and corporate offices in Mexico City.
This latest investment underscores Toyota's commitment to economic growth and sustainability in Mexico, reaffirming its role as a long-term strategic partner in the country.