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Toyota to invest $1.34 billion in building an electric vehicle factory in Argentina
The Block
1h ago
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Argentine Economy Minister Luis Caputo stated that Toyota Motor will invest $1.34 billion to build a fully electric vehicle factory in Argentina. The project is located in Salat, Buenos Aires Province, has been approved by a government committee, and is expected to generate an annual export value of $1.28 billion. During the construction period and after production begins, it is anticipated to create more than 3,600 and over 2,600 jobs respectively.
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Argentine Economy Minister Luis Caputo ( Luis Caputo ) stated on Wednesday that Toyota Motor will invest $1.34 billion to build a factory in Argentina for the production of all-electric vehicles.

Caputo pointed out that this is the largest single investment in the country's automotive industry to date.

Caputo stated that the project, located in Salat ( Zarate ) within the province of Buenos Aires, has been approved by the government committee responsible for evaluating applications under Argentina's RIGI incentive program for large-scale investments.

He stated that the factory will generate an annual export value of $1.28 billion, with about 70% of the products being sold to overseas markets.

He pointed out that the project will create more than 3,600 jobs during its construction period, and over 2,600 direct and indirect jobs after it begins operations.

This move will expand Toyota's manufacturing footprint in Argentina; the Japanese automaker has been operating a factory there in Salta ( Zarate ) since 1997. Toyota stated that the factory currently produces Hilux pickups and SW4 SUV, and will begin producing Hiace vans in 2024.

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