Toyota has denied President Trump’s recent claim that the company recently pledged to invest $10 billion in the United States.
Trump bragged about the $10 billion figure at least twice during his trip to Asia this week, visiting an American naval base in Yokosuka, Japan and meeting with the country’s newly-minted right-wing Prime Minister Sanae Takaichi on Tuesday.
“Yesterday I was with Mr. Toyoda in Japan, and he’s just announced he’s gonna spend, uh, they’re gonna spend $10 billion, and they’re gonna build new car plants,” Trump said Tuesday, referring to the company’s CEO Akio Toyoda. “And they’re gonna build ’em in numerous states, about six or seven different states.”
Trump: Yesterday I was with Mr. Toyota in Japan, and he just announced he is going to spend -- they are going to spend $10 billion and they are going to build new car plants and they are going to build them in numerous states pic.twitter.com/60hfme0fFS
— Acyn (@Acyn) October 29, 2025No such deal has been made, and Toyota made sure to clarify. On Wednesday, company executive Hiroyuki Ueda basically confirmed that Trump was either making it up or mixing it up with a deal from his first term nearly eight years ago.
“During the first Trump administration, I think the figure was roughly around $10 billion, so while we didn’t say the same scale, we did explain that we’ll keep investing and providing employment as before,” Ueda told reporters. “So, probably because of that context, the figure of about $10 billion came up. Therefore, we didn’t specifically say that we’ll invest $10 billion over the next few years.”
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