What's Going On With Toyota Motor Shares Today?

Zinger Key Points
  • Toyota Motor faces share decline following vehicle recall over engine debris concerns by US National Highway Traffic Safety Administration
  • Toyota announces $282 million investment in Huntsville plant, expanding production and creating over 350 new jobs.

Toyota Motor Corporation TM shares are trading lower on Wednesday. According to Benzinga Pro, TM stock has lost over 11% in the past month.

Yesterday, the U.S. National Highway Traffic Safety Administration said that the Japanese automaker is recalling over 100,000 vehicles in the U.S. over concerns that debris in its engines might cause them to stall and cause loss of driving power.

Also See: Gear Shift In Japan: Toyota & Other Auto Giants Reportedly Under Inspection Over Certification Scandal

However, in a positive development today, the company said it is growing its Huntsville plant production capabilities with a $282 million investment and adding more than 350 new jobs.

This brings the total investment in Toyota Alabama, the company’s largest engine producer in North America, to more than $1.7 billion. 

The unit employed more than 2,000 team members who assembled more than 770,000 engines in 2023.

Toyota Alabama currently supplies engines to seven Toyota vehicle plants in North America.

The Huntsville-assembled engines power the Corolla, Corolla Cross, Highlander, RAV4, Sequoia, Sienna, Tacoma and Tundra.

“This new investment project will build on the great legacy of Toyota’s Alabama engine plant and create even more new opportunities for the area’s citizens,” said Governor Kay Ivey.

Investors can gain exposure to the stock via Amplify CWP International Enhanced Dividend Income ETF IDVO and the Altrius Global Dividend ETF DIVD.

Price Action: TM shares are trading lower by 1.25% to $207.75 at last check Wednesday.

Read Next: United Airlines Hits Brakes On Hiring This Year Due To Boeing Woes: Report

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