DETROIT (Reuters) - Toyota Motor Corp (7203.T) will invest $170 million in an existing plant in Mississippi to build the next generation of its Corolla sedan, the Japanese automaker said on Thursday.
The investment will lead to the creation of 400 jobs over the next 12 months at Toyota’s Blue Springs, Mississippi, plant.
Toyota said the investment will include replacing the current production lines, allowing the facility “to produce advanced vehicles more efficiently and better adapt to changing market needs.”
The move is part of a commitment made by the automaker in 2017 to spend $10 billion in its U.S. manufacturing operations over the next five years.
Unlike U.S. automakers General Motors Co (GM.N), Ford Motor Co (F.N) and Fiat Chrysler Automobiles NV (FCHA.MI) - which are pulling back from passenger cars as American consumers abandon them in favor of higher-margin, more comfortable pickup trucks, SUVs and crossovers - Toyota, Honda Motor Co Ltd (7267.T) and Nissan Motor Co Ltd (7201.T) have all invested heavily in all-new versions of their sedan models.
Reporting by Nick Carey; Editing by Matthew Lewis