Toyota considering $400M San Antonio investment
Toyota Motor Corp. is considering a roughly $400 million investment at its Toyota Motor Manufacturing Texas Inc. truck assembly plant in South San Antonio.
The city of San Antonio and Bexar County are expected to consider incentive packages for that potential investment, which would be one of the largest in the region in years. San Antonio's City Council will vote on its incentive package on May 30, Mayor Ron Nirenberg said.
“Toyota is one of the world’s most innovative companies and is a champion of San Antonio’s workforce and community development,” Nirenberg said.
While there are few details regarding how Toyota (NYSE: TM) plans to invest the capital, such an infusion could have a big impact on the automaker’s campus, including its on-site supplier network.
San Antonio Economic Development Foundation President and CEO Jenna Saucedo-Herrera said the deal could extend San Antonio's global reach.
"This single project could double the capital investment from all SAEDF-assisted projects in 2018 and have a significant ripple effect putting more San Antonians to work," she said.
EDF officials expect that Toyota will make a final decision on the investment before the third quarter of this year.
“It’s a big investment that would add a lot of capability,” said David Marquez, executive director of economic and community development for Bexar County. “That’s all good for us.”
I reported in March that Toyota planned to spend $17 million to expand its San Antonio manufacturing plant, adding 60,000 square feet of space to support assembly work and office operations. Toyota officials downplayed that investment, noting that it was part of a “process improvement” plan that would have “no jobs impact” on the local plant.
The San Antonio Toyota plant, which produces Tundra and Tacoma pickup trucks, employs about 3,200 people.