Toyota Investing $1.33B in Ky. Camry Plant
Photo of 2018 Camry and Camry Hybrid courtesy of Toyota.
Toyota will invest $1.33 billion to retool its Georgetown, Ky., assembly plant where it builds the Camry mid-size sedan, which it said will be fully build in the U.S. starting with the 2018 model year.
The investment will tranform Toyota Motor Manufacturing, Kentucky, Inc. The assembly plant will be the first to produce vehicles that use Toyota's new global architecture underpinnings.
Toyota plans to invest $10 billion in the U.S. in the next five years. The company has invested $22 billion in the past six decades, said Jim Lentz, CEO of Toyota Motor North America.
"Toyota New Global Architecture is about exciting, ever-better vehicles for our customers as it will improve performance of all models, including increased fuel efficiency, more responsive handling, and a more stable, comfortable feel while driving," Lentz said.
The plant will also undergo other makeovers that will modernize and streamline the production process, including updating equipment as well as construction of an all-new paint shop.
Toyota's Kentucky plant is its largest in the world with 8,200 associates. In 2016, the plant more than 500,000 vehicles, which accounted for nearly a quarter of North American production volume.
In 2013, Toyota announced it would invest $530 million in the plant in part to support Lexus production.