A man walks past the Toyota logo during a launch event in Mumbai, India, January 20, 2026. REUTERS/Francis Mascarenhas

Toyota to invest $1.34 billion in Argentina EV plant

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Sept 30 : Automaker Toyota Motor will invest $1.34 billion to develop a plant to produce a fully electrified vehicle in Argentina, Economy Minister Luis Caputo said on Wednesday.

This represents the largest ever single investment in the country's automotive industry, Caputo said.

• Caputo said the project, in Zarate in Buenos Aires province, had been approved by the government committee that evaluates applications for Argentina's RIGI incentive regime for large investments.

• He said the plant would generate $1.28 billion in annual exports, with about 70 per cent of output destined for foreign markets.

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• He said the project would create more than 3,600 jobs during construction and more than 2,600 direct and indirect jobs once operations begin.

• The move would extend Toyota's manufacturing footprint in Argentina, where the Japanese automaker has operated a plant in Zarate since 1997. Toyota says the site currently produces the Hilux pickup and SW4 sport utility vehicle, and began making the Hiace van there in 2024.

• Automakers are doubling down on Latin America investments as they face intensifying competition from Chinese imports globally.

• French automaker Renault announced a new pick-up model earlier this month which will be fully will be assembled at its Cordoba plant in northern Argentina.

Source: Reuters

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