Japan’s finance minister has been watching Toyota’s defense after the automaker was criticized for its Mexican development strategies by the United States president elect Donald Trump.
Toyota, the world’s most significant vehicle producer, is constructing a new factory in Guanajuato, in main Mexico, which will produce a Corolla model that is presently developed in Mississippi and Ontario, Canada.
Trump commented on the site of the new plant as Baja California, alerted on Twitter that the company must put its factory in the United States “or pay big border tax” to bring the automobiles into the US.
Toyota Motor said will build a new plant in Baja, Mexico, to build Corolla cars for U.S. NO WAY! Build plant in U.S. or pay big border tax.
— Donald J. Trump (@realDonaldTrump) January 5, 2017
Japan’s finance minister reacted to the comments about one of the country’s largest exporters. “Toyota is responsible for large work at United States plants such as in Kentucky. It’s doubtful whether the new US President has a grasp of the number of cars Toyota builds in the United States,” stated Taro Aso.
Toyota’s shares fell 3 percent in Tokyo trading right after Trump’s comments. The company stated the new Mexican plant was revealed in April 2015 and would not lead to American job losses.
“With more than $21.9 bn direct investment in the United States, 10 production facilities, 1,500 car dealerships and 136,000 employees, Toyota anticipates collaborating with the Trump administration to serve in the best interests of customers and the automobile industry,” the company said.
Toyota stated United States factories received $2 out of every $3 it invested in North America over the past twenty years. “We’re always thinking about methods to increase production in the United States, no matter the political scenario,” Toyota president Akio Toyoda informed reporters on Thursday.
