The world's biggest automaker has confirmed that it is investing 44.9 billion yen (or about $467.2 million at current exchange rates) to upgrade its Indiana plant. Toyota Motor Corp. will reportedly spend the next three months retooling in order to build its Sequoia and Highlander SUVs on the same line (last year, the automaker canceled plans to manufacture the Highlander in a new plant slated for Mississippi).

Toyota also has no comment about the recent rumors that it had entered talks with General Motors about buying out General Motors's share in the New United Motor Manufacturing Inc. (NUMMI) venture after the U.S. automaker announced last week that it was abandoning its 50 percent stake in the partnership. Toyota is currently negotiating with the United Auto Workers to adjust labor rates at the Fremont, California, operation. According to reports, the plant could shut down if those talks go sour.

[Source: Automotive News, subs. req'd]