Toyota joins list of donors to Trump’s inauguration with $1 million

Toyota Motor Co. has donated $1 million to President-elect Donald Trump’s inauguration on Jan. 20, a day after Ford Motor Co. and General Motors Co. announced the same amount.

While auto giants Ford and GM plan to contribute vehicles to the celebrations, Toyota has no plans to do so, according to Reuters.

Toyota’s stance comes as Trump’s proposed tariffs on imports from Mexico and Canada will directly affect many North American automakers, which produce the Toyota Tacoma pickup truck in Mexico.

The tariff and electric vehicle policies being considered by the incoming administration will also affect Detroit automakers like Ford, which is struggling to ramp up sales of its battery-powered models. Trump’s proposals include eliminating the electric vehicle tax credit, which had benefited Ford.

“We expect Trump to be open to hearing the company’s views on these tariffs, and given Ford’s employment profile and its importance to the U.S. economy and manufacturing, you can imagine the administration would be very interested in the company’s perspective,” Ford CEO Jim Farley said.

Trump raised a record $106.7 million for his 2017 inauguration, while Democratic President Joe Biden raised $61.8 million for his 2021 inauguration.

Automakers weren’t the only ones donating to Trump’s inauguration, with major companies like Meta and OpenAI contributing $1 million each.

Bank of America Corp., the nation’s second-largest lender, and investment bank Goldman Sachs also plan to contribute to Trump’s inauguration committees, but have yet to decide how much, spokespeople for each bank said.