Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Toyota a Japanese brand, but also a U.S. manufacturer - company president

Published 02/02/2017, 06:08
Updated 02/02/2017, 06:08
© Reuters. Toyota's Toyoda speaks during the North American International Auto Show in Detroit

TOKYO (Reuters) - Toyota Motor Corp (T:7203) President Akio Toyoda said on Thursday his company had increased its U.S. production in the past three decades, and that the Japanese brand should also be considered as a U.S. manufacturer.

Toyoda's comment comes as global automakers face pressure from U.S. President Donald Trump, who has demanded that more cars sold in the United States be made locally to increase jobs and shrink the U.S. trade deficit.

Trump singled out Toyota in a tweet last month, criticising the plans by Japan's biggest automaker to build a second plant in Mexico. Since then, Toyota has announced plans to invest $10 billion in its U.S. operations to increase production and create more jobs.

"Things are very different in 2017 than they were in the 1980s. Today, we produce a large number of cars locally and we have developed a strong local supply chain," Toyoda told reporters at an event in Tokyo, referring to America.

"We may be a Japanese brand ... but we're also one of America's car makers."

The United States is Toyota's biggest market, and vehicle sales in the country comprise around one-quarter of the automaker's global sales. It operates 10 manufacturing plants in the country, and locally produces around 56 percent of its vehicles sold there, according to calculations based on company data.

Trump has focused on protectionist trade policies in his first weeks in office, formally withdrawing the United States from the Trans Pacific Partnership trade talks and has said he would renegotiate the North American Free Trade Agreement (NAFTA).

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Toyoda said his company would adapt to any "rule changes" to the NAFTA trade deal between the United States, Mexico and Canada.

Automotive trade will be high on the agenda when Japanese Prime Minister Shinzo Abe visits Trump in Washington next week.

Toyoda denied media reports from earlier this week which said he would meet Abe on Friday ahead of the summit, saying that while he would like a meeting with the prime minister, it was still unclear whether one would take place due to scheduling issues.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.