Toyota Motor Corporation plans to invest $1.34 billion in a new fully electric vehicle plant in Argentina, Economy Minister Luis Caputo announced.
The facility will be built at Toyota’s existing industrial complex in Zárate, Buenos Aires province. The project would be the largest single investment in Argentina’s automotive history.
Argentina approved the investment under its incentive program for large investments, but Toyota’s headquarters in Japan has yet to give final approval.
The plant is expected to generate about $1.28 billion in annual exports. About 70% of its production is expected to be sold overseas. The project is projected to create more than 2,600 jobs during operations.