Toyota Motor Corp. has announced plans to spend $50.6 million on a $50-million cash infusion from a Japanese government program to invest in its business, a source familiar with the matter told The Associated Press.
Toyota is in the process of reviewing the plan and will decide whether to proceed with it, said the source, who requested anonymity to discuss the matter before it was publicly released.
The Japanese government’s plan was first reported by The Wall Street Journal.
Toyota has not yet commented.
The $50m comes in addition to a $15-million investment by the Japanese government into Toyota’s U.S. operations, according to Toyota spokesman Kenichi Tanaka.
The Toyota U.K. unit, meanwhile, announced in April it had received $25.5 million from the Japanese fund.
Toyota also has a $35.4 million loan from the European Union.
The Toyota investment comes amid a deepening crisis for Toyota.
Last week, the Japanese automaker said it would cut more than 100,000 jobs worldwide.
The company said the cuts would be offset by a $7.5 billion cash infusion and a plan to invest $6.5 trillion in its global business.
Japanese automakers are facing growing pressure from the United States and other Western countries to reduce their reliance on overseas suppliers.
The global automakers have been working on ways to cut costs while maintaining profits.