In response to President Donald Trump’s recent assertion that Toyota plans to invest $10 billion in U.S. auto plants, a top executive from the company has offered clarification. The executive emphasized Toyota’s ongoing commitment to U.S. investments but indicated that the specific figure mentioned by Trump might be a misunderstanding.

Hiroyuki Ueda, speaking at the Japan Mobility Show in Tokyo, suggested that the $10 billion investment figure may have been drawn from discussions during Trump’s first term in office. According to Reuters, Ueda noted that while Toyota remains committed to investing in the U.S., the company did not explicitly promise to inject $10 billion in the coming years.

“During the first Trump administration, the investment figure was approximately $10 billion. While we did not reiterate that scale recently, we assured our ongoing commitment to investment and job creation,” Ueda explained to reporters. “It’s likely this context led to the mention of the $10 billion figure,” he added, clarifying that no new $10 billion pledge had been made.

In a separate statement to The Hill, Toyota reaffirmed its dedication to U.S. operations but refrained from specifying a new investment amount. The company emphasized its longstanding principle of producing locally for local markets.

“Toyota is committed to continued investment in the United States, underscoring our principle to build where we sell and buy where we build,” the statement read. “Having already invested nearly $50 billion and employing 49,000 people directly across the nation, our commitment to bolstering American manufacturing, supply chains, jobs, and customer satisfaction remains strong. Further details will be announced soon.”

“Toyota remains committed to continued investment in its U.S. operations, reflecting our principle to build where we sell and buy where we build,” the statement reads. “With nearly $50 billion already invested and 49,000 direct employees across the United States, this ongoing commitment strengthens our support for American manufacturing, supply chains, jobs, and customers. More details will follow soon.”

Trump on Tuesday encouraged U.S. troops to buy Toyota cars, touting the investment pledge.

“I was just told by the prime minister that Toyota is going to be putting auto plants all over the United States to the tune of over $10 billion,” he said aboard the USS George Washington at the Yokosuka Naval Base. 

“Go out and buy a Toyota,” the president added, garnering applause. 

“We have so many things happening in the United States,” he continued, referring to the emergence of artificial intelligence (AI) plants across the country. “And it’s because of the Nov. 5 Election Day, but it’s also because of tariffs.”