Toyota stock dips after Trump tweet
TOKYO — Toyota Motor Corp. is a “good corporate citizen” and intends to work with President-elect Donald Trump to help make America strong, the Japanese automaker's president, Akio Toyoda, says.
Trump said on Twitter that Toyota would face a “big border tax” if it goes ahead with a plans for a new plant in Mexico. A statement issued by Toyota in the U.S. did not directly address Trump's tweet, but stressed that the company has been in the U.S. for six decades and that the Mexico plant will not affect jobs or production in the U.S.
Speaking before Trump put out his tweet, Toyoda responded to a question by a reporter at a New Year's gathering of Japan's auto industry by saying that he saw Trump's administration as an “opportunity.”
“I don't know yet exactly how, but, regardless of who becomes president, our business is about being good corporate citizens. And by becoming good corporate citizens, we are facing the same goal of making America strong. And so we will continue to do our best,” he said.
Toyota's shares fell 1.7 percent Friday in Tokyo.
Regardless of pressures from Trump on automakers to shift more manufacturing into the U.S., the outlook for Japanese car makers has brightened lately as the yen has weakened and Tokyo share prices have risen following the U.S. election.
Overnight, Trump's tweet criticized Toyota's plans to build the popular Corolla subcompact at a planned Mexico plant, tweeting: “NO WAY! Build plant in U.S. or pay big border tax.”
Honda Motor Co. President Takahiro Hachigo, who was also at the reception in Tokyo, told reporters there were no planned production changes in Mexico.
Nissan Motor Co., Mazda Motor Corp. and Suzuki Motor Corp. had no immediate comment.
Japanese government spokesman Yoshihide Suga declined to comment on the tweet, noting that Trump had not yet taken office.
