Toyota Motor Corporation (NYSE:TM) is one of the top cheap blue chip stocks to buy according to Wall Street analysts. Reuters reported on July 6 that Toyota Motor Corporation (NYSE:TM) announced on Monday plans to build a new $3.6 billion auto plant in Texas and shift some of its truck production from Mexico to the United States. The company further stated that the new 2.5-million-square-foot building, set to open by 2030, will be located on its San Antonio manufacturing campus and will create 2,000 jobs. Toyota Motor Corporation (NYSE:TM) added that once the factory is completed, it will move the production of its mid-size Tacoma pickup truck from its Baja California plant in Mexico to Texas. The company will continue to build its Tacoma trucks at the Guanajuato plant in Mexico.
Reuters added that Toyota Motor Corporation (NYSE:TM) already produces its Tundra trucks and SUVs at its existing San Antonio assembly plant on the very site where the new facility is set to be built, with a new 500,000-square-foot rear axle plant set to open in the autumn.
Toyota Motor Corporation (NYSE:TM) manufactures and sells motor vehicles and parts. The company’s operations are divided into the following segments: Automotive, Financial Services, and All Other.
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