Toyota gets the green light for a new EV built to take on China — SkimNews
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- Toyota Argentina received approval from the Evaluation Committee to join the RIGI (Incentive Regime for Large Investments) to produce a new EV at its Zárate plant in Buenos Aires province.
- Toyota will invest approximately $1.3 billion, which the source describes as the largest investment in Argentina's automotive industry to date.
- The project will create around 3,600 jobs during construction and about 2,600 once upgrades are complete at the site, which has been producing vehicles since 1997 — currently the Hilux pickup, SW4 SUV, and Hiace van.
- The Hilux BEV, Toyota's all-electric pickup currently built in Thailand and exported to Europe, Asia, and Australia, is a likely candidate for Argentine production, per Automotive News.
- BYD, Geely, and Chery dominate Latin America EV sales with lower-cost vehicles — BYD sold 85,800 vehicles in the region through July, nearly 60% of the 147,493 EVs sold in the same period, per MarkLines data cited in the source.
- Argentina's Economy Minister Luis Caputo said the plant would generate approximately $1.28 billion in annual exports, with about 70% of production dedicated to foreign markets.
Why it matters: Toyota's $1.3 billion Zárate commitment — the largest in Argentine auto history — targets a region where Chinese brands now account for roughly 60% of EV sales through July, with 70% of planned output earmarked for export markets. The Hilux BEV is Toyota's lever to localize a nameplate that already competes on global stages rather than chasing BYD's import-led price war.
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