Toyota Motor Corp. confirmed Wednesday that a planned Mexico auto plant is being scaled back, but a top executive said the decision was driven by market needs and was not a political move.
The investment for the Guanajuato plant, set to be running in 2019, fall to $700 million from the $1 billion commitment announced in 2015. Annual production will decrease to half at 100,000, the company said.
The initial plan was to build 200,000 Corolla subcompacts a year, but Executive Vice President Didier Leroy told reporters at the Tokyo Motor Show Corolla that production will go to . . .
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