Japan car parts manufacturer to open its first U.S. plant
Japan’s car parts maker, Next Big, has plans to open a U.N. plant in New York in 2019, as it aims to bolster its business in a market where foreign-made goods have been hit by declining demand.
The company is eyeing a location in the Midtown area, according to an official announcement Thursday.
The announcement came at the end of the annual World Car Show, which opened Thursday in Las Vegas.
It also marked the first time that a Japanese carmaker announced plans to invest in an American plant.
The U.K.-based company announced plans in May to build a factory in Ohio and plans to build another in Mexico next year, according a statement.
In Japan, the number of car parts produced by overseas companies declined from 2.7 million in 2012 to 1.6 million in 2019.
The decline in manufacturing was partly due to the government’s recent policy of allowing foreign companies to import cars from China and other countries.
Next Big said it would invest more than $300 million to build an assembly line in the U.T. in 2020.
The plant would produce cars such as the Subaru Impreza, which is expected to be the world’s best-selling brand in 2020, and the Nissan Leaf, which won the U