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)
More from Reuters:
- Celebrity mountain lion hides from rescuers, media under L.A. house
- Egypt upholds Islamist ex-presidential candidate’s jail term: sources
- Kremlin confirms oil-for-goods swap with Iran under way
- China’s cyber laws could saddle firms with redundant data centres: U.S. lobby
- Fighters in southern Yemen say pushing back Houthis
Business Insider Emails & Alerts
Site highlights each day to your inbox.