Toyota: Read my lips, no new plants

Toyota's new factory plans

Toyota’s new factory plans

Two weeks ago, Mark Hogan, formerly at GM, and now freshly minted board member at Toyota, told Reuters that Toyota absolutely needs more and bigger plants in Mexico. Days later, Bloomberg saw Toyota execs “scouting the country for possible factory sites.” A minor media frenzy ensued, touting the low labor costs and favorable trade accords south of the border. Yesterday, the story was shot down.

A new Reuters story says that the expansion south of the border was put on ice. Whoever cooked it up should have asked Toyota’s boss first. [Continue Reading]