Toyota Motor Corporation (TM - Free Report) is set to invest 400 million euros (352.98 million pounds) in its Onnaing plant in northern France, per a Reuters report. This investment will assist the Japanese vehicle maker to shore up its assembly line at the plant.
Situated near the city of Valenciennes, the plant has around 4,000 employees and process the Yaris model. This investment is in sync with the automaker’s strategy to expand the production capacity of its various plants.
Recently, Toyota and Mazda Motor Corp. announced that they have selected Huntsville, AL as their joint venture (JV) manufacturing site. Total investment of $1.6 billion will be made with equal funding contribution from both the companies.
The company has underperformed the industry it belongs to over the last three months. Its shares have increased 13.9% compared with the industry’s growth of 17.3%.
Toyota carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A few other better-ranked automobile stocks in the same space are Volkswagen AG (VLKAY - Free Report) , Allison Transmission Holdings, Inc. (ALSN - Free Report) and Lear Corp. (LEA - Free Report) , each carrying a Zacks Rank #2.
Volkswagen has a long-term growth rate of 12.9%. The company’s shares have gained 38.8% in the past 12 months.
Allison Transmission has a long-term growth rate of 10%. The company’s shares have gained 35.3% in the past 12 months.
Lear Corporation has a long-term growth rate of 7.1%. The company’s shares have gained 36.8% in the past 12 months.
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