Toyota to Invest Further $1 Billion to Boost Output at US Plants

Toyota Motor Corp. outlined plans to invest $1 billion to increase vehicle output at its plants in two states, the latest tranche of a broader spending commitment of as much as $10 billion in the US over the next five years.

The world’s largest carmaker said Monday it will plow $800 million into its factory in Georgetown, Kentucky, to boost production of its best-selling RAV4 compact sport utility vehicle and Camry sedan, as well as to manufacture a new electric vehicle. It will also earmark an additional $200 million for its Princeton, Indiana, facility to increase capacity for its popular Grand Highlander midsize SUV.