UPDATE: Toyota Motor has just denied a claim made by U.S. President Donald Trump that the carmaker would invest over $10 billion in the United States. During a visit to Japan on October 28, 2023, Trump stated that Toyota would be setting up factories “all over” the U.S. to the tune of more than $10 billion.
Trump encouraged Americans to “go out and buy a Toyota,” but the company has swiftly refuted this assertion. Senior executive Hiroyuki Ueda confirmed that no explicit promise of such a significant investment had been made. Speaking at the Japan Mobility Show in Tokyo, Ueda emphasized, “Toyota didn’t specifically say that we’ll invest $10 billion over the next few years.”
The controversy erupted shortly after Trump’s remarks during a U.S. embassy event where he met with Toyota’s chairman, Akio Toyoda. Ueda highlighted that the topic of investment did not arise during that discussion.
This denial comes at a crucial time as the U.S. economy faces pressures and scrutiny over foreign investments. The implications of Trump’s claims could affect public perception and consumer behavior, especially given the president’s push for increased domestic manufacturing.
NEXT STEPS: As this story develops, all eyes will be on Toyota’s future announcements regarding potential U.S. investments and job creation. The company has signaled intentions to invest and create jobs in the U.S., but the specifics remain unclear.
Stay tuned for further updates on this unfolding issue that impacts both U.S. economic policy and international business relations.
