Toyota will invest US$328 million in a new hybrid model at a factory in Mexico
As it works to adjust its manufacturing processes for a new hybrid edition of its Tacoma pickup vehicle, Japanese automaker Toyota said on Thursday that it would spend an additional $328 million at a factory in the central Mexican state of Guanajuato.
Toyota said in a statement that Guanajuato will now be a part of the company’s electrification manufacturing plan since the next model of the “Mexican pickup” will be a hybrid electric vehicle.
The monies, it was said, will aid in building the new Tacoma model for the North American market.
Toyota said that since announcing the facility, it has spent close to $1.2 billion in Guanajuato and that the production supports more than 2,500 employment.
The declaration came after Diego Sinhue, the governor of Guanajuato, visited Japan.
Automobile manufacturers all over the globe are switching production from internal combustion engines to more electric-powered cars in an effort to abide by the introduction of stricter pollution regulations aimed to stop the increasing effects of climate change.
Although Mexico is a major center for the production of automobiles, many of the country’s electric cars are exported to nations like the United States since they are still too expensive and difficult for drivers to use in many parts of Mexico due to a lack of a well-developed network of charging stations.
The approximately 1,100 charging stations in Mexico, the majority of which are grouped in major cities, limit long-distance EV driving. However, industry observers believe that hybrid cars might be a step in the right direction until more money is invested in EVs.
Tesla said in March that it will establish a “gigafactory” in the state of Nuevo Leon in the north as it seeks to increase its overall production.
Mexico, the third-largest producer of greenhouse gases in the Americas, promised at the COP27 climate meeting last year that by 2030, 50% of its car sales would consist of zero-emission vehicles, and that it would increase its renewable energy capacity.
