Toyota to invest $1.34 billion in Argentina EV plant

By Reuters News

Sept 30 (Reuters) - Automaker Toyota Motor 7203.T will invest $1.34 billion to develop a plant to produce a fully electrified vehicle in Argentina, Economy Minister Luis Caputo said on Wednesday.

This represents the largest ever single investment in the country's automotive industry, Caputo said.

  • Caputo said the project, in Zarate in Buenos Aires province, had been approved by the government committee that evaluates applications for Argentina's RIGI incentive regime for large investments.

  • He said the plant would generate $1.28 billion in annual exports, with about 70% of output destined for foreign markets.

  • He said the project would create more than 3,600 jobs during construction and more than 2,600 direct and indirect jobs once operations begin.

  • The move would extend Toyota's manufacturing footprint in Argentina, where the Japanese automaker has operated a plant in Zarate since 1997. Toyota says the site currently produces the Hilux pickup and SW4 sport utility vehicle, and began making the Hiace van there in 2024.

  • Automakers are doubling down on Latin America investments as they face intensifying competition from Chinese imports globally.

  • French automaker Renault RENA.PA announced a new pick-up model earlier this month which will be fully will be assembled at its Cordoba plant in northern Argentina.

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