On November 8, 2024, Japanese automotive giant Toyota announced a significant investment of $1.45 billion in Mexico. This decision comes in the context of trade threats made by U.S. President-elect Donald Trump during his campaign.
The Mexican Ministry of Economy confirmed that the investment aims to enhance operations at Toyota's plants located in Baja California and Guanajuato. The funds will support the production of the new generation of the Tacoma pickup and hybrid electric Tacoma, creating approximately 1,600 new jobs.
Toyota established its Baja California plant in 2004 and opened another facility in Guanajuato in 2019. The company joins other automotive manufacturers, including Ford, General Motors, and BMW, which primarily cater to the U.S. market, Mexico's largest trading partner, receiving over 80% of its exports.
This announcement follows Trump's campaign threats to impose a 25% tariff on Mexican exports unless the country addresses issues related to crime and drug trafficking.