Toyota plans to invest up to $10 billion for its operations in U.S.

Toyota Motor Corp. confirmed it will plow as much as $10 billion into the United States over the next five years to boost its local operations, less than a month after President Trump flagged that the Japanese carmaker planned such an investment.

- BY CHESTER DAWSON

BLOOMBERG via Getty Images NORTH CAROLINA Gov. Josh Stein, left, Sen. Ted Budd and Transportation chief Sean Duffy at a new plant.

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

At the time, the automaker wouldn't confirm such a plan, calling it mere speculation.

The automaker provided no further details on how it will spend the funds. David Christ, Toyota’s U.S. sales chief, said that will be revealed at a later date.

“We'll announce the investment plans for the $10 billion as we get closer to making the investments,” Christ told reporters Wednesday at a ceremony for a new battery plant in North Carolina.

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

Toyota’s top executive in the U.S., Ted Ogawa, said the battery plant and new investment “marks a pivotal moment in our company’s history.”