Toyota to invest $1.34 billion in Argentina EV plant (updated)

TOYOTA MOTOR

30/09/2026 21:32

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Sept 30 (Reuters) - Automaker Toyota Motor 7203.T will invest $1.34 billion to develop a plant to produce a fully electrified vehicle in Argentina, Economy Minister Luis Caputo said on Wednesday.
This represents the largest ever single investment in the country's automotive industry, Caputo said.
Caputo said the project, in Zarate in Buenos Aires province, had been approved by the government committee that evaluates applications for Argentina's RIGI incentive regime for large investments. 
He said the plant would generate $1.28 billion in annual exports, with about 70% of output destined for foreign markets.
He said the project would create more than 3,600 jobs during construction and more than 2,600 direct and indirect jobs once operations begin.
The move would extend Toyota's manufacturing footprint in Argentina, where the Japanese automaker has operated a plant in Zarate since 1997. Toyota says the site currently produces the Hilux pickup and SW4 sport utility vehicle, and began making the Hiace van there in 2024.
Automakers are doubling down on Latin America investments as they face intensifying competition from Chinese imports globally.
French automaker Renault RENA.PA announced a new pick-up model earlier this month which will be fully will be assembled at its Cordoba plant in northern Argentina.

 (Reporting by Iñigo Alexander; Editing by Natalia Siniawski and Kylie Madry)
 ((Inigo.alexander@thomsonreuters.com))