The U.S.-listed shares of Toyota Motor Corp. TM, +0.69% rose 0.2% in morning trading, after the Japan-based auto maker announced plans to invest $383 million in four of its U.S. production plants, to support the production of four cylinder engines, including options for hybrid electric vehicles.
The investment includes $222 million in Toyota’s Huntsville, Ala. plant, to create a new four-cylinder production line; $16 million in the Georgetown, Ky., to expand its four-cylinder engine line; $109 million in the Troy, Mo. plant, for new equipment to build four-cylinder engines; and $36 million in the Jackson, Tenn. plant to update equipment to build new four-cylinder engine blocks. “Toyota customers want vehicles that are fuel-efficient and electrified,” said Norm Bafunno, senior vice president of Unit Manufacturing and Engineering at Toyota. “These investments allow us to meet customer needs and quickly respond to an evolving market.” Toyota’s stock has declined 8.0% year to date, while the S&P 500 SPX, +1.61% has slipped 6.9%.