Toyota to invest up to $13b over five years in its US operations

Pledge comes as Trump pushes auto sector to shift more production to the US

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Toyota Motor confirmed it will plough as much as US$10 billion (S$13 billion) into the US over the next five years to boost its local operations, less than a month after US President Donald Trump flagged the Japanese carmaker as planning such an investment.

The announcement clears up a confusing moment from Mr Trump’s visit to Tokyo in October, when he said Toyota would build plants all over the US “to the tune of over US$10 billion”.

At the time, the automaker would not confirm such a plan, calling it mere “speculation”.

In a statement marking the start of production at its new battery plant in North Carolina on Nov 12, the automaker provided no further details, saying only it will spend the funds “to support future mobility efforts”.

Toyota's top executive in the US, Mr Ted Ogawa, said the battery plant and new investment mark “a pivotal moment in our company’s history”.

The investment announcement comes as the Trump administration pressures the global auto industry to shift more production to the US, and imposed punitive tariffs on many car parts and vehicles sourced from abroad.