Toyota Motor Corp last month announced two deals in China that were small in siz...
BEIJING - Toyota Motor Corp last month announced two deals in China that were small in size but large in strategic planning.
Announcing U.S. investment first was a strategy Toyoda felt the company needed to pursue to avoid U.S. President Donald Trump’s wrath, the minutes showed - providing a rare window into how it has sought to tread carefully as the United States and China battle for investment, jobs and influence in the global economy.
In response, Toyota issued one of its strongest messages on potential tariffs to date, calling the designation “a major set-back for American consumers, workers and the auto industry” and saying it sent the message “our investments are not welcomed.”Toyota has been at pains to show its commitment to the United States, and in the March 19 minutes Toyoda explained a fresh investment of $749 million in U.S.
In a further sign of Toyota’s careful approach to relations with Washington, board member Ikuro Sugawara was dispatched in April to meet with U.S. Ambassador William Hagerty at the U.S. embassy in Tokyo to give him the heads up that the two China deals would be announced. It is aiming to lift sales 10% every year over the next five or six years - roughly equivalent to 3 million cars annually by the mid-2020s, according to a source at a Toyota parts supplier, who declined to be identified as he did not work for the automaker.
Since then, Toyota has embarked on an expansion of its manufacturing muscle in China, with plans to add annual production capacity of 120,000 vehicles each at its Tianjin plant and at its Ghangzhou plant.
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