Toyota Motor announced plans to invest $1.34 billion to develop an EV production plant in Argentina. The planned site is in Zárate, Buenos Aires Province, following approval under the government's Large-Scale Investment Incentive Regime.
Argentina's Economy Minister Caputo announced that Toyota Motor will invest $1.34 billion to develop an electric vehicle production plant in the country. The investment is expected to be the largest single project in Argentina's automotive industry to date.
The planned site is in Zárate, Buenos Aires Province, and the project was approved by the government committee responsible for reviewing the Large-Scale Investment Incentive Regime (RIGI). Approximately 70% of production will be for overseas markets, with annual exports projected at approximately $1.28 billion.
The project is expected to create more than 3,600 jobs during construction and more than 2,600 direct and indirect jobs after operations begin. The investment will expand the company's production capacity in Argentina.
The company has operated a plant in Zárate since 1997. It currently produces the Hilux pickup truck and SW4 SUV, and began producing the HiAce van in 2024.