Toyota Motor Corp. has filed an application to build a new plant in Texas in which it intends to invest $2bn.
The plant is planned to be built in San Antonio, according to documents sent by the Japanese carmaker to the Texas Comptroller’s office. Its launch is expected to create 2,000 new jobs.
The new manufacturing site will be located next to Toyota’s existing pickup truck plant. Construction will begin this year and will be completed in 2029, the filing said. The plant is expected to be operational in 2030.
Toyota currently produces two pickup truck models – the Tundra and Sequoia – at the San Antonio plant. The facility will produce nearly 200,000 vehicles in 2025.
Last November, the Japanese manufacturer announced its intention to invest $10bn in production facilities in the US over five years.
Shares of Toyota rose by 2.6% at the end of trading on Friday. Since the beginning of this year, their value has fallen by 8.1%.