The SAN Antonio Express-News recently revealed that Toyota Motor North America is actively seeking tax breaks for its Texas plant and plans to invest about $531.7 million in expansion.
It is reported that the Japanese automaker is interested in building a new building on the existing plant in SAN Antonio, Texas, which is expected to bring 411 new jobs. The plant currently produces Toyota Tundra pickup trucks and Sequoia SUVs, but the expansion plan could further expand production.
In the context of slowing global demand for electric vehicles, major automakers have adjusted their strategies to shift resources and investment to hybrid and gasoline-powered vehicles with more profitable potential. Toyota is no exception, its plant in SAN Antonio has invested more than $4.2 billion and employs more than 3,700 people since it opened in 2006.
Toyota didn't disclose much about the specifics of the expansion. But the expansion could reportedly include more than 500,000 square feet of new space for future production needs.
At the same time, another Japanese automaker, Nissan Motor, announced it was suspending plans to build electric vehicles in the United States. Citing a memo sent to auto suppliers, Automotive News reported that Nissan has adjusted development plans for some battery-powered sedans and asked suppliers to suspend development activities related to those projects until further notice.
In March, Nissan unveiled plans to accelerate its global electric vehicle transition, including selling seven new models in the United States by 2026 and establishing an electric vehicle manufacturing center in the United States. However, as market conditions have changed, Nissan has had to review its electric vehicle production plans in the United States.
This news has triggered the industry's attention to the future trend of the electric vehicle market. Although electric vehicles have significant advantages in environmental protection and energy saving, their market demand and profitability still face many challenges. Major automakers need to pay close attention to market dynamics and adjust their strategies flexibly to ensure that they remain ahead of the curve in a competitive market.
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