Toyota wins approval for $1.34B Argentina EV project

The Argentine government approved Toyota's $1.341 billion investment project under the Large Investment Incentive Regime (RIGI) on Wednesday, September 30, 2026. The planned project will build a new electrified vehicle plant at its Zárate industrial complex in Buenos Aires province, marking the largest automotive investment in Argentina's history.

Economy Minister Luis Caputo stated on X that the facility will have a strong export orientation, generating $1.28 billion in annual exports and sending roughly 70% of production abroad. Caputo added that the initiative will create more than 3,600 direct and indirect jobs during construction and over 2,600 jobs during operations.

Toyota noted that admission to the RIGI regime marks a critical milestone to advance toward final approval from its headquarters in Japan, which has not yet been granted. The company stated that timelines for investment decisions and future production plans will be communicated in due course.

Toyota produced 180,352 units in Argentina last year, a 5.8% rise from 2024, and targets a historic record of more than 183,000 units in 2026, exporting 80% to 22 Latin American markets. The carmaker employs more than 7,500 people and accounts for half of Argentina's automotive exports and 5% of total national exports.