Trump targets Toyota on plans to make cars for US in Mexico

Reuters Washington, DC, United States Jan 05, 2017, 07.44 PM(IST)

Image shows a staff member walking past Toyota logo at a showroom. Photograph:( AFP )

US President-elect Donald Trump on Thursday targeted Japanese auto giant Toyota Motors for its plan to build Corolla cars for the US market at a plant in Mexico. 

"Toyota Motor said will build a new plant in Baja, Mexico, to build Corolla cars for US. NO WAY! Build plant in US or pay big border tax," Trump said in a post on Twitter. 

Toyota, which announced its plan to build the Mexican facility in April 2015, had no immediate comment.

Following Trump's tweet, the automaker's stock on the US market, fell 0.5 percent to $120.45 on the New York Stock Exchange.

This was Trump's latest broadside against automakers building cars in Mexico.

Toyota President Akio Toyoda said in Japan on Thursday that the automaker has no immediate plans to curb production in Mexico, preferring to wait until after Trump`s January 20 inauguration before deciding whether to make any changes.

Earlier, US car maker Ford Motors had decided to scrap its plant in Mexico and said it will create jobs in US by investing $700 million in its plant in Michigan.

Trump has also said General Motors could become subject to tariffs on Mexico-made cars for the US market.