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Toyota's (TM) $383M Bet to Drive Hybrid EV Strength at 4 US Sites
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Toyota Motor (TM - Free Report) has announced an investment of $383 million in four of its U.S. manufacturing plants engaged in manufacturing the core components of the new Toyota and Lexus vehicles. The new investment will look to produce four-cylinder engines, including options for hybrid electric vehicles (EVs), at its Alabama, Kentucky, Missouri and Tennessee plants.
The Alabama facility, with an earmarked investment of $222 million, will create a new four-cylinder production line that can manufacture engines for both combustion and hybrid electric powertrains. The plant also plans to broaden its footprint by 114,000 square feet. Toyota Alabama boasts a capacity of 900,000 engines annually and represents a nearly $1.5 billion investment.
Toyota Kentucky intends to expand the flexibility of the four-cylinder engine line unveiled last fall, enabling the plant to meet customer demand. The company has allocated $16 million in investment. The plant's powertrain facility can produce up to 600,000 units annually. Toyota Kentucky is the company's largest global plant, producing seven Toyota and Lexus models, as well as four-cylinder and six-cylinder powertrains. Overall, the plant represents an $8.5 billion investment.
Toyota Missouri's $109 million investment aims to provide new equipment to build four-cylinder engine heads on three production lines. The plant, with a capacity of more than 3 million cylinder heads annually, represents a $564 million investment.
The Toyota Tennessee plant will update equipment to build new four-cylinder engine blocks, with an investment of $36 million. The plant has the capacity to produce more than 2 million engine blocks annually and represents a $425 million investment.
Last year, Toyota laid forth new investments amounting to $5.1 billion into its U.S. manufacturing operations to bolster electrification efforts. Its latest investment aims at advancing the company's dedication to vehicle electrification and fuel-efficient solutions for customers.
In addition to the improvements to its manufacturing facilities, the company is also investing in the workforce as part of futuristic plans. It recently announced Driving Possibilities, a $110 million initiative to support PreK-12 education and beyond, whereby it looks to bring in improvements in communities and prepare the youth for the job market.
Shares of TM have risen 10.5% over the past year against its industry’s 10.2% decline.
BRP Group has an expected earnings growth rate of 9.1% for fiscal 2023. The Zacks Consensus Estimate for current-year earnings has been revised around 7.9% upward in the past 60 days.
BRP Group’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. DOOO pulled off a trailing four-quarter earnings surprise of 68%, on average. The stock has declined 6% over the past year.
CNH Industrial has an expected earnings growth rate of 2.2% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 0.73% upward in the past 60 days.
CNH Industrial’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. CNHI pulled off a trailing four-quarter earnings surprise of 63%, on average. The stock has risen 2.7% over the past year.
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Toyota's (TM) $383M Bet to Drive Hybrid EV Strength at 4 US Sites
Toyota Motor (TM - Free Report) has announced an investment of $383 million in four of its U.S. manufacturing plants engaged in manufacturing the core components of the new Toyota and Lexus vehicles. The new investment will look to produce four-cylinder engines, including options for hybrid electric vehicles (EVs), at its Alabama, Kentucky, Missouri and Tennessee plants.
The Alabama facility, with an earmarked investment of $222 million, will create a new four-cylinder production line that can manufacture engines for both combustion and hybrid electric powertrains. The plant also plans to broaden its footprint by 114,000 square feet. Toyota Alabama boasts a capacity of 900,000 engines annually and represents a nearly $1.5 billion investment.
Toyota Kentucky intends to expand the flexibility of the four-cylinder engine line unveiled last fall, enabling the plant to meet customer demand. The company has allocated $16 million in investment. The plant's powertrain facility can produce up to 600,000 units annually. Toyota Kentucky is the company's largest global plant, producing seven Toyota and Lexus models, as well as four-cylinder and six-cylinder powertrains. Overall, the plant represents an $8.5 billion investment.
Toyota Missouri's $109 million investment aims to provide new equipment to build four-cylinder engine heads on three production lines. The plant, with a capacity of more than 3 million cylinder heads annually, represents a $564 million investment.
The Toyota Tennessee plant will update equipment to build new four-cylinder engine blocks, with an investment of $36 million. The plant has the capacity to produce more than 2 million engine blocks annually and represents a $425 million investment.
Last year, Toyota laid forth new investments amounting to $5.1 billion into its U.S. manufacturing operations to bolster electrification efforts. Its latest investment aims at advancing the company's dedication to vehicle electrification and fuel-efficient solutions for customers.
In addition to the improvements to its manufacturing facilities, the company is also investing in the workforce as part of futuristic plans. It recently announced Driving Possibilities, a $110 million initiative to support PreK-12 education and beyond, whereby it looks to bring in improvements in communities and prepare the youth for the job market.
Shares of TM have risen 10.5% over the past year against its industry’s 10.2% decline.
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Zacks Rank & Key Picks
TM currently carries a Zacks Rank #4 (Sell).
Better-ranked players in the auto space include BRP Group, Inc. (DOOO - Free Report) , sporting a Zacks Rank #1 (Strong Buy), and CNH Industrial (CNHI - Free Report) , carrying a Zacks Rank #2 (Buy), currently. You can see the complete list of today’s Zacks #1 Rank stocks here.
BRP Group has an expected earnings growth rate of 9.1% for fiscal 2023. The Zacks Consensus Estimate for current-year earnings has been revised around 7.9% upward in the past 60 days.
BRP Group’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. DOOO pulled off a trailing four-quarter earnings surprise of 68%, on average. The stock has declined 6% over the past year.
CNH Industrial has an expected earnings growth rate of 2.2% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 0.73% upward in the past 60 days.
CNH Industrial’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. CNHI pulled off a trailing four-quarter earnings surprise of 63%, on average. The stock has risen 2.7% over the past year.