President Donald Trump‘s Transportation Secretary Sean Duffy has hailed Toyota Motor Corp‘s (NYSE:TM) decision to shift production of the Tacoma pickup truck from Mexico to Texas.
Sean Duffy Hails Toyota, Touts 2000 Jobs
In a post on X, Duffy hailed the decision. Quoting a post by White House Press Secretary Karoline Leavitt, which hailed the $3.6 billion investment into San Antonio. “NOT only is TOYOTA investing $3.6 BILLION into San Antonio, they’re adding 2,000 JOBS,” Duffy said.
Duffy said that the move further promoted lower vehicle costs and “MORE consumer choice” in the U.S. automotive market. “Freedom means affordable cars,” Duffy said, hailing Trump.
According to a press release by Toyota, the expansion “brings Toyota’s total investment in San Antonio to $8.3 billion since breaking ground in 2003,” adding that the automaker was committed to its “operations throughout the U.S., Canada, and Mexico.”
The automaker said that it “encourages a quick resolution to USMCA to make the North American region globally competitive.”
USMCA Uncertainty
U.S. rejected renewing the U.S.-Mexico-Canada Agreement (USMCA) following its expiration on July 1st. Trump had earlier criticized trade deficits with Canada.
U.S. Trade Representative Jamieson Greer said that the United States disagreed with the agreement’s renewal in its current form, but said that the existing agreement would remain enforced as the parties reconvene to address Washington’s concerns about trade deficits.
Leapmotor Enters Mexico
Stellantis NV-backed (NYSE:STLA) Chinese automaker Zhejiang Leapmotor Technology Co. Ltd. entered the Mexican market, marking its entry into the North American auto sector. Leapmotor will be introducing the B10 crossover SUV, an extended-range electric vehicle (EREV).
The SUV will offer a 1.5-liter engine and a 215hp electric motor in tandem with an 18.8 kWh LFP battery, which provides an all-electric range of 60 miles.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Photo courtesy: Joshua Sukoff / Shutterstock.com
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