Toyota is reportedly planning a massive, $1-billion investment in Mexico

Members of the media are shown under a large Toyota logo during the first press preview day of the North American International Auto Show in Detroit, Michigan, January 12, 2015. REUTERS/Mark Blinch Thomson ReutersMembers of the media are shown under a large Toyota logo during the first press preview day of the North American International Auto Show in Detroit

Toyota Motor Corp will spend $US1 billion to build a car factory in the central Mexican state of Guanajuato, with plans to announce the investment on Wednesday, two sources with direct knowledge of the matter said.

The 200,000-cars-a-year factory will create about 2,400 direct jobs, one of the people told Reuters, declining to be identified because the plan is not yet public.

Reuters reported earlier that the factory — Toyota’s first to build passenger cars in Mexico – would produce the Corolla compact car from the summer of 2019, ending a self-imposed three-year freeze on new investments.

President Enrique Pena Nieto will attend the announcement to be held in Mexico on Wednesday, the people said.

A Toyota spokeswoman in Tokyo said nothing had been decided.

(Additional reporting and editing by Chang-Ran Kim)

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This article originally appeared at Reuters. Copyright 2015. Follow Reuters on Twitter.

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