Toyota and Toyota Motor Corp are planning to sell off at least $3 billion in vehicles from 2019 to 2021 as the two companies fight for supremacy in the global auto industry.
The combined companies, with Toyota at $32.8 billion and Toyota in the $3 trillion auto sector, have sold more than 2.5 million vehicles since the end of 2019, according to Automotive News, and they expect to sell more than 10 million vehicles by 2021.
The two companies announced their plan last week, saying that they expect the market to be a “major force” for the future of the auto industry by 2025.
The announcement came as Toyota announced that it would invest $6 billion to create a new $8 billion manufacturing facility in Illinois.
The automaker said the project will bring more than 3,000 jobs to the area and help create an environment for the company to grow.
In 2018, Toyota sold more vehicles in the U.S. than Ford Motor Co., with more than 9 million sold.
It also reported $8.9 billion in net income for the year.
In 2021, Toyota said it will invest $5.2 billion to expand its manufacturing capacity, which will include expanding the Toyota Motor Manufacturing plant in China, where it will be able to produce more than 300,000 vehicles per year.
The company said it plans to open a second plant in India, where Toyota plans to invest $4 billion.