Toyota Motor (TYO:7203) North American subsidiary is investing $88 million in its West Virginia plant to produce next-generation hybrid transaxles, bringing the total investment to over $2.8 billion.
The hybrid transaxle is a key component in electrified vehicles, and production is scheduled to begin in late 2026 for future Toyota and Lexus models, according to a statement on Wednesday.
Toyota aims to offer diverse electrification options and contribute to the US economy through job creation and continued investment, read the statement.
Toyota's shares gained nearly 3% at market close.
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