Toyota also builds and plans to export Sienna minivans from TMMI.
Toyota said today it will increase production of the Highlander mid-size SUV in late 2013 at the company’s Princeton, Ind. plant. Both hybrid and export versions will be included in the expansion. The project is expected to create approximately 400 new jobs at Toyota Motor Manufacturing Indiana, Inc. (TMMI).
The company will invest about $400 million to support global demand for the Highlander, which will no longer be built in Japan by late 2013. Highlander is currently sold in Russia and Australia, and TMMI will export to those countries. Annual Highlander production volume is expected to increase by approximately 50,000 units at TMMI.
The ongoing strength of the Japanese yen against the U.S. dollar and the Euro buy celebrex cheap means Toyota’s old Japanese export based strategy is a new money loser. Yesterday Toyota reported a stunning drop in profits of 57.% in Q3 in part because of the strong yen.
Toyota also builds Highlander in China for that market only since Chinese tariffs and other government policies force local assembly with Chinese partners.
“This project allows for better utilization of the Indiana plant and will help Toyota capitalize on the improving North American and global auto market,” said Steve St. Angelo, executive vice president of Toyota Motor Engineering & Manufacturing North America, Inc.
TMMI currently employs 4,800 and builds the Highlander, Sequoia full-size SUV and Sienna minivan.
