(Reuters) – Toyota Motor’s North America arm is seeking tax relief for a potential $531.7 million investment in its Texas facility, the San Antonio Express-News reported citing public record filings on Tuesday.
The Japanese automaker plans to construct a new building, add 411 jobs and potentially expand its existing plant in San Antonio, Texas that manufactures the Toyota Tundra pickup truck and Sequoia SUV, the report said.
Major automakers are now refocusing their efforts and investments on hybrid and gasoline-powered vehicles with better profit margins, after slowing demand for electric vehicles prompted them to cut financial commitments towards such models.
Toyota has invested $4.2 billion in the San Antonio plant since 2003 and employs more than 3,700 workers at the facility, which began production in 2006.
The San Antonio expansion could encompass more than 500,000 square feet of new space, but the company’s presentation to Bexar County did not specify what would be added at the plant, the report said.
Toyota did not immediately respond to a Reuters request for comment.
(Reporting by Shivansh Tiwary in Bengaluru; Editing by Shilpi Majumdar)
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