Thursday, April 25, 2013

Toyota over $500 million invested U.S. Lexus production started

Toyota over $500 million invested U.S. Lexus production started
Paul Eisenstein, - 1 day

Toyota Motor Co. President Akio Toyoda has confirmed today that the manufacturer more than 500 million investing $ to move in his Georgetown (Kentucky) for the production of one of its Lexus luxury cars in the United States for the first time.

The recently updated Lexus sedan will start rolling off the line of manufacturer's Georgetown plant by 2015, said Toyoda, grandson of the founder of the automobile manufacturer. Movement, he was solid, reflects the fact that the United States the largest market for the luxury brand – while also bypassing the negative impact of the skewed exchange rates, more and more difficult to continue producing vehicles in Japan who made it.

"It is the first country, to build suitable outside Japan, the United States is the ES, because this is for the Lexus brand" Toyoda said a reference to the fact that the luxury brand, sold almost exclusively in the United States for many years, it has however an aggressive global rollout in recent years started.

While Toyota was slow to embrace the idea of relocation of production from the domestic market, it has become increasingly aggressive in expanding its global activities. It operates 14 assembly plants in North America, 10 of which in the United States, which together sold seven out of every 10 vehicles in the region under the Toyota badge produce Lexus Scion, Jim Lentz, called found recently President of the North American region, the highest rank possession per Executive American.

Along with the extension to the Georgetown Toyota invested $2 billion to increase North American capacity. And that includes additional production for 23 overseas markets targeted. Exports rose by 45% in the year 2012, Lentz, noted at a press conference in New York, "and we export more vehicles this year."

There are 11 vehicle, which assembles Toyota in the US based assets and the first for the luxury brand Lexus. Toyota is the last of the Japanese, the "big three" to move, even though it has produced the Lexus RX crossover in Canada at least some luxury car production in the States.

But as rivals Honda Motor Co. and Nissan Motor Co., it has already undermining production in the Japanese home market because of concerns about the exchange rate - as potential questions of the production by March 2011 Japanese earthquake and tsunami, all but the manufacturer operations for much of the subsequent nine months shut down.

The choice of Georgetown, the plant of the surprise was when one considers it is Toyota the first - and the largest in the States, produced the critical Camry sedan. With the planned expansion, the plant will boost the production of 50,000 units per year and total investment to over 6 billion $ to increase. Employment, meanwhile is expected to rise to 7.400.

"I feel like the State just the Kentucky Derby, won", said Governor Steve Beshear on the webcast from the plant.

Earlier this week, Kentucky officials a hint of what was to come, when the Kentucky confirmed millions in tax incentives economic development authority, that it would offer Toyota, with $146.5 for the Georgetown property and adding a new model to expand. Toyota, will again be required to invest $531 million and add 750 jobs.

In the two years since the devastating tsunami and earthquake of Japan has the pace, with the manufacturer, production capacity of the country have hollowed out car, quickly increases. There is some question whether manufacturers such as Toyota of this strategy rethink could the exchange rate penalty reduced as the yen has dramatically lost value in recent months.

Despite this change Nissan CEO said, however, Carlos Ghosn at the end last month, that he does not want to risk that the appreciation of the yen could back up to the point the way in which Japanese-made cars may be no longer competitive. Apparently in the same vein, Toyota is thinking.

The Japanese giant has been traditionally the reluctant relocation of production is positioned as defenders of the Japanese economy. But it has have been concerned increasingly about domestic market production, as well as the decision the Lexus it suggests moving in Kentucky that more moves are possible in particular, most industry analysts expect that the popular Toyota Prius finally somewhere in North America, as well as produced.

Even before the new movement has invested Toyota about 18 billion $ in various US operations, including assembly plants, design capabilities, research and development centers and test tracks. It is said to have 30,000 direct U.S. employees and 365,000 Americans indirectly to employ all in all.

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