Toyota (TM) Invests $50 Million in Arizona Proving Grounds

Toyota Motor Corporation (NYSE:TM) is one of the 13 Best Japanese Stocks to Buy According to Hedge Funds. On July 2, Toyota Motor Corporation (NYSE:TM) announced that it has started building new amenities worth over $50 million at its Arizona Proving Grounds. These new facilities will be used for vehicle and automotive technology testing and development.

The new construction will bring in many improvements, including a 5.5-mile oval track, an off-road park, and new surfaces for ride and handling tests. Most of the work is expected to be finished by the end of the year. Toyota Motor Corporation (NYSE:TM) is also planning to build a new facility focused on developing advanced driver assistance technology.

The site, known as the Arizona Mobility Test Center at Toyota Arizona Proving Grounds, has been open for use by various companies as a vehicle testing resource since 2021.

Site updates will make it even more attractive for testing new vehicle features. Toyota Motor Corporation (NYSE:TM) also plans to use the site to develop its North American vehicle models.

Toyota Motor Corporation (NYSE:TM) is a Japanese multinational car manufacturer.

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Disclosure: None. This article is originally published at Insider Monkey.