Toyota has announced plans to invest $10 billion in the United States over the next five years, confirming earlier comments made by President Donald Trump. The investment will bring the company’s total US investment to nearly $60 billion since it began operations in the country almost 70 years ago. The announcement coincided with the opening of Toyota’s first US factory producing lithium-ion batteries for electric and hybrid cars in North Carolina.

The new factory represents an investment of nearly $14 billion and is expected to create up to 5,100 new jobs. This is part of a broader agreement between the US and Japan, in which Tokyo agreed to invest $550 billion in the US economy in exchange for lower tariffs. Japanese automakers, including Toyota, are also under pressure from the Trump administration to export vehicles made in their US plants to Japan.

Toyota has stated that it is willing to consider exporting US-made vehicles to Japan if certification standards are harmonized between the two countries. Currently, the company imports around half of the vehicles it sells in the US, with some 281,000 vehicles made in Japan being imported last year. Despite the impact of US tariffs, Toyota recently raised its operating income and net profit forecasts for the current fiscal year.

The investment announcement is a significant development in the US automotive industry, with Toyota’s commitment to expanding its US operations expected to have a positive impact on the economy. The company’s decision to produce lithium-ion batteries in the US is also seen as a strategic move to support the growing demand for electric and hybrid vehicles. With this investment, Toyota reinforces its position as a major player in the US automotive market, and its commitment to investing in the country’s economy is expected to have long-term benefits for both the company and the US economy.