Toyota to invest US$ 1.34 billion in Argentine electrified vehicle plant

Toyota Argentina has received approval from the Evaluator Committee to join the Large Investment Incentive Regime (RIGI) for a project in Zárate, Buenos Aires province. The initiative involves an investment of approximately US$ 1.341 billion, marking the largest single investment in the history of the Argentine automotive industry.

The project focuses on the production of 100% electrified vehicles, a technology not currently manufactured in the country. While official announcements have not confirmed the specific model, reports suggest the production may include electrified versions of the Toyota Hilux.

The project is heavily export-oriented, with an estimated 70% of production destined for international markets, projected to generate US$ 1.280 billion in annual exports. In terms of employment, the project is expected to create over 3,600 jobs during the construction phase and approximately 2,600 direct and indirect jobs during the operational stage.