Benzinga | Nov 11, 2021 01:01PM EST

Toyota Invests $240M In West Virginia For Hybrid Transaxles

* Toyota Motor Corp (NYSE:TM) announced a $240 million investment in its West Virginia facility to add a dedicated production line of hybrid transaxles.

* The new hybrid transaxle line investment will provide new equipment and operational upgrades to modernize the facility.

* "Toyota West Virginia is preparing for future market needs as demand increases in the area of vehicle electrification," said Toyota West Virginia (TMMWV) President Srini Matam.

* Hybrid vehicle systems combine two separate sources of propulsion or motive power, such as an internal combustion engine and an electric motor, to take advantage of their respective benefits while compensating for their limitations.

* Price Action: TM shares traded higher by 0.75% at $178.69 on the last check Thursday.