Toyota announces $1.33 billion investment in Kentucky plant

LOUISVILLE, Ky. -- Toyota said Monday it is investing $1.33 billion to retool its sprawling factory in Georgetown, Kentucky, where the company's flagship Camry sedans are built.

No new factory jobs are being added, but Toyota says the upgrades amount to the biggest single investment ever at one of its existing plants in the United States.

The retooling also will sustain the existing 8,200 jobs at Toyota's largest plant, where about one-fourth of all Toyota vehicles produced in North America are made, the automaker said.

"This major overhaul will enable the plant to stay flexible and competitive, further cementing our presence in Kentucky," said Wil James, president of the plant, which also assembles the Avalon and the Lexus ES 350.

The updates at the Kentucky plant are part of Toyota's plans to invest $10 billion in the United States over the next five years, said CEO Jim Lentz of Toyota Motor North America, in a news release.

The Toyota investment has been in the works for years as it gears up for production of the revamped 2018 Camry, long the top-selling car in the U.S.