Toyota confirms it will scale back Mexico plant

Toyota Motor Corp on Tuesday confirmed reports it will scale back a planned plant in Guanajuato, Mexico by 30 percent to $700 million and will cut planned production in half to 100,000 vehicles per year.

The automaker in 2015 had announced plans to build a $1 billion plant in Mexico. Toyota spokesman Scott Vazin said the decision to shrink the plant does not "change our long-term commitment to Mexico, however; change is necessary in order to secure the long-term viability of our facility and our operations."

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