The Mexican unit of Japanese vehicle manufacturer Toyota will invest $328 million in its plant located in the central city of Apaseo El Grande, Guanajuato to produce the hybrid model of the Tacoma pickup truck for the United States market, according to reports in the Mexican press.
With this investment, the company will accumulate an investment of $1.2 billion in its Guanajuato plant, which began construction in 2016 and currently employs 2,500 workers.
One of the steel companies benefiting from the increased production of Toyota vehicles is Nucor-JFE Steel Mexico, a 50-50 joint venture between the US Nucor Corporation and the Japanese Steelmaker JFE Steel Corporation, which is located in the vicinity of the Toyota plant.
Toyota, with two plants in Mexico, is the fifth largest vehicle producer in the country with a market share of 8.0 percent, surpassed by Ford Motor and Stellantis with 11.8 percent each; Nissan with 16.5 percent and General Motors with 20.1 percent of production.