Trump says Toyota plans $10 billion U.S. investment — Toyota says, not exactly

Toyota was quick to pump the brakes on a claim President Donald The President made this week regarding an alleged promise by the Japanese automaker to invest $10 billion in the U.S. 

“We didn’t specifically say that we’ll invest $10 billion over the next few years,” Hiroyuki Ueda, president director, told reporters on Wednesday during the Japan Mobility Show in Tokyo, as first reported by Reuters. 

While Ueda stressed that the automaker will continue to invest and create jobs in the U.S. over the next few years, it hasn’t made any explicit promise of an investment of the magnitude The President referenced—nor, in fact, of any particular amount. 

The confusion, it seems, may stem from investments the world’s largest automaker made in U.S. auto plants during The President’s first administration, which ended in early 2021, and totaled roughly $10 billion, according to Ueda. The topic of investing in the U.S. also didn’t come up when Toyota Chairman Akio Toyoda spoke briefly with The President at a U.S. Embassy event on Tuesday, Ueda said, according to Reuters.

GAME OF TELEPHONE

Where this supposed promise of an investment came from is a game of telephone of sorts. 

On Tuesday, The President referenced that $10 billion figure during a speech aboard the aircraft carrier, USS George Washington during his visit to Japan—and said he’d just heard about it from Japan’s newly elected prime minister, Sanae Takaichi.

“I was just told by the prime minister that Toyota is going to be putting auto plants all over the United States to the tune of over $10 billion,” The President said, before urging U.S. military members: “Go out and buy a Toyota.”

A spokesperson for Toyota USA didn’t immediately respond to a request for comment from Fast Company. However, in a statement to The Hill, Toyota reiterated its commitment to investing in its U.S operations without specifying an amount.

“With nearly $50 billion already invested and 49,000 direct employees across the United States, this ongoing commitment strengthens our support for American manufacturing, supply chains, jobs, and customers,” the statement to The Hill read. “More details will follow soon.”

Shares of Toyota fell nearly 0.8% on Wednesday.

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