Toyota Motor (TM) said Wednesday it will invest $88 million at its engine factory in Buffalo, West Virginia, to ramp production of hybrid vehicles.
The investment will be utilized to assemble hybrid transaxles, with production expected to begin in late 2026, according to a company statement.
The drivetrain component is expected to power Toyota and Lexus models assembled in the US, the Japanese carmaker said.
The latest outlay brings total investment in the plant to more than $2.8 billion and provides job security to more than 2,000 workers, Toyota said.
Shares were up 2.7% in recent trading.
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