Toyota Stock Drops Immediately After Trump Tweet About Mexican Factory

donald-trump-via-lev-radin-and-shutterstockOn Thursday, President Elect Donald Trump tweeted the following, almost as if he saw our story about his tweets’ impact on stocks that was posted minute earlier:

Toyota’s market cap dropped over $1.2 billion within five minutes of the tweet:

Trump’s tweet was ostensibly a response to comments made earlier in the day by Toyota Motor president Akio Toyoda, who said at an auto industry event that the company was not paring down its factories in Mexico. “We will consider our option as we see what policies the incoming president adopts,” he said. Honda president and CEO Takahiro Hachigo added that “We produce cars in Mexico for markets including North America and Europe and we have no immediate plan to change this.”

The line of discussion came as a result of Ford Motor cancelling its plans to build a $1.6 million land in Mexico. Toyota’s Baja California facility manufacturers about 100,000 pickup  trucks annually. They hope to get that number up to 160,000 in the next year.

UPDATE: Toyota responded…

[Photo: Shutterstock]

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