Toyota Motor Corporation has announced plans to invest $1.33 billion into its Georgetown, Kentucky assembly plant. The investment will go into upgrading the plant to produce the upcoming all-new Camry.
With over 8,200 employees and an annual production rate of 500,000 vehicles, the Kentucky plant is the largest Toyota plant in the world. While the shear size of the plant partially explains the high price tag to retool it, the retooling itself is also substantial.
The new Camry is built on the new Toyota New Global Architecture (TNGA), the company’s new global platform that will underpin a slew of new vehicles. Because of this change, Toyota not only has to retool the Kentucky plant, but also radically change most of the manufacturing processes within the plant.
Georgetown will be the first assembly plant in North America to be retooled for TNGA production. Toyota is also in the process of building an all-new plant in central Mexico that will serve as the first ground-up TNGA plant, likely to produce the next Corolla.
The company’s investment into Georgetown is part of a $10 billion investment plan Toyota has over the next five years in North America. Toyota claims they’ve invested over $22 billion in the U.S. alone over the last 60 years.
Toyota currently operates 10 manufacturing plants in the U.S.