Toyota Motor Corp. will invest $391 million in its Toyota Motor Manufacturing Texas Inc. production plant in South San Antonio, the parent company confirmed.
The decision is expected to give the Alamo City plant greater production capacity and flexibility.
San Antonio officials said in May that Toyota (NYSE: TM) was considering making the big capital investment in the local plant. Since then, the city of San Antonio and Bexar County have approved incentive packages in an attempt to close the deal.
Bexar County Judge Nelson Wolff told me as Toyota was contemplating the future of its San Antonio plant, “We are kind of hamstrung now on the flexibility. That’s why this is critical. What this investment does is put us in a stronger position.”
Toyota officials suggested in advance of the company's decision that a $391 million investment would enhance the San Antonio plant's long-term stability.
San Antonio Economic Development Foundation President and CEO Jenna Saucedo-Herrera told me in May that if Toyota committed to the huge capital infusion, it would have a "significant ripple effect" on San Antonio's economy.
"This single project could double the capital investment from all SAEDF-assisted projects in 2018," she said.
The San Antonio Toyota plant, which produces Tundra and Tacoma pickup trucks, employs about 3,200 people.
The Business Journal will have more on this developing story.