Toyota gets the green light for a new EV built to take on China — SkimNews
Get the Energy newsletter
Daily energy & climate — solar, EVs, oil, the policy fights and tech bets shaping the transition. Free.
- Toyota received RIGI approval for a ~$1.3 billion investment to produce a new EV at its Zárate, Buenos Aires plant, making it the largest investment in Argentina's automotive industry to date.
- The project will create ~3,600 construction jobs and ~2,600 permanent positions at the facility, which has produced the Hilux, SW4, and Hiace since 1997.
- Toyota's all-electric Hilux BEV pickup is a likely candidate for the Argentine line, per Automotive News; the EV is currently built in Thailand and exported to Europe, Asia, and Australia.
- BYD sold 85,800 vehicles in Latin America through July — nearly 60% of the region's 147,493 EVs — with Geely and Chery also dominating the market with lower-cost models.
- Economy Minister Luis Caputo projected the upgraded plant would generate ~$1.28 billion in annual exports, with ~70% of production dedicated to foreign markets.
Why it matters: With BYD alone capturing nearly 60% of Latin America's EV sales through July, Toyota is betting $1.3 billion and 2,600 permanent jobs on local EV production in Argentina. Economy Minister Luis Caputo projects the upgraded Zárate plant will generate $1.28 billion in annual exports, with 70% bound for foreign markets.
Ask SkimNews
