Toyota Motor Corp (NYSE: TM) has made a million investment in two of its U.S. manufacturing facilities to expand the production of electrified vehicles.
The company has made a $73 million investment in Toyota West Virginia (TMMWV) and $17 million in Toyota Tennessee (TMMTN).
The move comes after the $240 million investment announced in November, with the plan to increase hybrid transaxle production capacity to 600,000 units per year.
Related: Toyota Invests 0M In West Virginia For Hybrid Transaxles.
With today's announcement, Toyota has invested more than $2 billion in its West Virginia plant.
TMMWV will begin assembling an estimated 120,000 rear motor stators per year, a key component in electric motors.
"Toyota is moving quickly toward an electrified future, and West Virginia will play a critical role in that journey," said David Rosier, president of TMMWV.
Price Action: TM shares are trading lower by 0.10% at $194.22 on the last check Friday.
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