(Reuters) – Toyota Motor’s North American unit (NYSE:) is seeking tax incentives for a potential $531.7 million investment in its Texas plant, the San Antonio Express-News reported Tuesday, citing public filings.
The Japanese automaker plans to build a new building, add 411 jobs and potentially expand its existing plant in San Antonio, Texas, which makes the Toyota Tundra pickup truck and Sequoia SUV, a report said.
Major automakers are now refocusing their efforts and investments on higher-margin hybrid and gasoline vehicles after slowing demand for electric vehicles prompted them to reduce financial commitments to such models.
Toyota has invested $4.2 billion in the San Antonio plant since 2003, and the plant, which began production in 2006, employs more than 3,700 people.
The San Antonio expansion could include more than 500,000 square feet of new space, but the company’s presentation to Bexar County did not specify what would be added at the plant, the report said.
Toyota did not immediately respond to a Reuters request for comment.