Toyota is investing $3.6 billion to expand its San Antonio, Texas, assembly plant, a move expected to create about 2,000 new jobs and bring Toyota Tacoma pickup production from Mexico to the Lone Star State.

The automaker announced Monday that it will build a second vehicle assembly line at its San Antonio campus, allowing the facility to assemble the Tacoma alongside the Tundra and Sequoia. 

As part of the expansion, Tacoma production will gradually transition from Toyota’s Baja California plant in Mexico over the next four years, according to the company. Toyota will continue producing Tacoma pickups at its Guanajuato, Mexico, plant.

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The project will add about 2.5 million square feet to the manufacturing campus, effectively doubling the site’s size by 2030 and bringing Toyota’s total investment in the San Antonio operation to $8.3 billion since construction began in 2003. Toyota previously moved Tacoma production from San Antonio to its Guanajuato plant in 2020.

Workers stand by the assembly line at the new rear axle plant at Toyota Texas in San Antonio on March 2, 2026. (Katina Zentz/San Antonio Express-News via Getty Images)

Toyota said the investment reflects its confidence in North America’s workforce, innovation and long-term growth potential. The expanded facility will also incorporate advanced manufacturing technologies designed to increase production flexibility.

The announcement is another major manufacturing win for Texas, which has attracted billions of dollars in industrial investment in recent years as companies cite the state’s business-friendly policies, workforce and available land. Gov. Greg Abbott said the expansion, supported by the Texas Enterprise Fund and JETI program, will qualify for a $20 million state grant and other incentives and reinforces Texas’ position as a leading destination for advanced manufacturing.

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Once completed, Toyota’s San Antonio workforce is expected to grow to approximately 6,000 employees, supported by 23 onsite suppliers. The plant produced more than 197,000 vehicles last year and remains the exclusive assembly site for the Tundra and Sequoia. Production at a new rear axle facility is also expected to begin later this year.

Toyota said it remains committed to manufacturing across the United States, Canada and Mexico while encouraging a swift resolution to issues surrounding the U.S.-Mexico-Canada Agreement to help keep North America’s auto industry globally competitive.

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The investment comes as President Donald Trump has pushed automakers to expand U.S. manufacturing while imposing tariffs on imported vehicles, auto parts, steel and aluminum as part of his broader trade agenda. 

President Donald Trump weighed in on Toyota’s announcement Tuesday in a post on Truth Social. (Anna Moneymaker/Getty Images)

Trump has argued the tariffs will encourage companies to shift production to the United States, while automakers have warned the levies could increase costs and disrupt North America’s integrated supply chain.

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Trump weighed in on Toyota’s announcement Tuesday in a post on Truth Social, writing: “Toyota is moving from Mexico to the United States (Texas!). A really big deal. Tariffs at work!”

SEOUL, South Korea — Samsung Electronics set a new record in global corporate history Tuesday, reporting a preliminary second-quarter operating profit of 89.4 trillion Korean won, or roughly $58 billion, a figure that surpassed the highest single-quarter profits ever posted by Nvidia and Apple, driven by an unprecedented surge in memory semiconductor prices tied to the global artificial intelligence buildout.

Samsung’s preliminary results, announced Tuesday, exceeded Nvidia’s previous record of $53.5 billion, or approximately 81.9 trillion won, recorded from February through April of this year. The figure also surpassed Apple’s own all-time high of $50.85 billion, or roughly 77.8 trillion won, posted during the October-to-December quarter of last year. The only company in recent history to have posted a larger single-quarter operating profit than Samsung’s latest results is Saudi Arabia’s state oil giant Aramco, which recorded $86.5 billion in operating profit during the second quarter of 2022.

The scale of Samsung’s profitability improvement was equally striking. The company’s operating profit margin, the ratio of operating profit to total revenue, reached 52 percent during the quarter, meaning roughly 520 won of profit was generated for every 1,000 won of products sold. That figure represents nearly four times Samsung’s overall operating profit margin of 13.1 percent for all of last year. Samsung’s second-quarter profit alone was more than double the company’s entire operating profit for all of 2025, which totaled 43 trillion won.

The results were driven almost entirely by Samsung’s Device Solutions division, which produces memory semiconductors. While the company’s preliminary announcement did not break down results by individual business division, securities industry sources estimate the memory division alone generated operating profit in the range of 90 trillion won, with an operating margin of approximately 80 percent.

The surge stems from a rapid escalation in memory chip prices over the past two quarters. According to figures cited in Samsung’s announcement, prices for DRAM and other memory products jumped more than 80 percent in the first quarter of 2026 compared with the previous quarter, and rose a further 50 percent in the second quarter compared with the first, continuing a steep upward trajectory. The price surge has been driven by soaring global demand for high-value memory products, including server DRAM and high-bandwidth memory, as companies worldwide continue expanding investment in artificial intelligence data center infrastructure.

Industry analysts anticipate that DRAM prices will continue climbing through the second half of 2026, with some forecasts suggesting the memory sector has entered a long-term boom period often referred to within the industry as a “super cycle.” Samsung is positioned to benefit disproportionately from that trend given its scale within the industry. The company’s DRAM production capacity stands at between 650,000 and 700,000 wafers per month, more than double that of Micron Technology, the third-largest producer at roughly 300,000 wafers per month, and roughly 20 percent higher than second-place SK Hynix, which produces approximately 550,000 wafers per month.

Securities industry projections cited in Samsung’s announcement suggest the company’s full-year operating profit for 2026 could surge 790 percent compared with the previous year, reaching approximately 380 trillion won, with further growth to roughly 570 trillion won projected for 2027. Combined, those projections would put Samsung’s cumulative operating profit over the next two years at close to 1,000 trillion won.

Despite the historic results, some analysts have raised concerns about the sustainability of the current memory boom. Potential risks cited include the possibility that the AI-driven super cycle could reach its peak sooner than currently anticipated, along with broader concerns about oversupply eventually emerging across the memory semiconductor market as manufacturers expand capacity to meet current demand. Additional questions have been raised about whether directing a significant share of current profits toward employee performance bonuses could constrain Samsung’s future research and development and equipment investment capabilities.

Samsung’s performance outside its memory business painted a considerably more mixed picture. The company’s System LSI and foundry divisions, which handle contract semiconductor manufacturing, are estimated to have posted a combined operating loss of approximately 2 trillion won during the quarter, with analysts continuing to point to low utilization rates and a competitiveness gap in advanced manufacturing processes relative to Taiwan’s TSMC as ongoing challenges for that side of the business.

Samsung’s Device Experience division, which includes its smartphone and home appliance businesses, also showed significant weakness. The smartphone division is expected to post its first-ever quarterly operating loss, estimated at approximately 1 trillion won, a result attributed to the sharp rise in memory chip prices, a key input cost for smartphone production. The home appliance and television division is similarly estimated to have returned to an operating loss of around 200 billion won after only a single profitable quarter, a downturn analysts attributed to weak global demand and rising raw material costs linked to the ongoing conflict in the Middle East.

The stark divergence between Samsung’s booming memory business and its struggling smartphone and consumer electronics divisions has fueled internal labor tension over how the company distributes its performance bonuses. Under the terms of the company’s first-half Target Achievement Incentive payments, scheduled for distribution Tuesday, employees in the memory division are set to receive 100 percent of their monthly base salary as a bonus, while workers in the smartphone, television and home appliance divisions will receive only 50 percent. The disparity has generated visible frustration among employees. On Tuesday, an image depicting a funeral wreath with a black ribbon, accompanied by a post titled “Rest in peace, Samsung Electronics DX Division,” was uploaded to the company’s internal online community in protest of the differential bonus structure.

Samsung’s full, detailed second-quarter results, including division-specific breakdowns, are expected to be released later this month, which analysts say will provide further clarity on the precise scale of the memory division’s profitability relative to the company’s other struggling business units, as well as additional insight into how sustainable the current historic run of profitability is likely to be as the broader memory semiconductor super cycle continues to unfold through the remainder of 2026.

Nigel Farage has resigned as the MP for Clacton and will contest the resulting by-election, a dramatic gambit that pauses two parliamentary standards investigations into his financial affairs and asks the voters of Essex, rather than Westminster’s watchdogs, to deliver the verdict.

In a lengthy televised address, the Reform UK leader said he had “never been angrier”, claimed to be the most vilified politician in modern British public life and insisted he had “done nothing wrong … I have not broken the law in any way at all”.

“Now I’ve decided that the people of Clacton should be the judges of my actions. This will be a people versus the establishment by-election,” he said. “It’s a chance to stick two fingers up to the entire Establishment, to frankly tell them where to go, and that is why I will be putting my name forward to stand in this by-election … I will fight to win.”

The resignation comes amid mounting scrutiny of Mr Farage’s finances. He has been reported to the authorities over claims that George Cottrell, a long-standing ally known as “Posh George” who holds a fraud conviction in the United States, provided undeclared funding for security and staffing in the year before Mr Farage entered the Commons, along with the use of a five-storey Georgian townhouse near Buckingham Palace. The Sunday Times reported that Mr Cottrell recruited and paid three staff to work on Mr Farage’s social media output ahead of the general election.

Parliament’s standards commissioner, Daniel Greenberg, was already investigating a £5 million gift the MP received from the crypto billionaire Christopher Harborne. Under the rules governing the Register of Members’ Financial Interests, newly elected MPs in 2024 were required to declare gifts worth more than £300 received in the previous 12 months, unless the gift could not reasonably be thought by others to relate to their political activities. Critics argue the Cottrell arrangements fell squarely within that requirement.

Crucially, resigning his seat suspends both investigations. They would restart if Mr Farage is re-elected, and a finding against him resulting in a suspension of more than 30 days could expose him to a recall petition under the Recall of MPs Act, raising the prospect of a second Clacton by-election in the autumn or winter.

Mr Farage, who won Clacton with a majority of 8,405 in 2024, insisted the Harborne gift was made “on an unconditional basis” and accused his opponents of weaponising the standards regime. “Standards are now being used as a political tool,” he said, adding that two decades of “constant demonisation by the press” explained why he would need the money.

The row lands at a delicate moment for a party that has spent months courting business leaders and positioning itself as a government in waiting, with Mr Farage recently putting his own odds of reaching No 10 within four years at 25 per cent. For firms weighing up Reform’s tax and regulatory pledges, months of by-election uncertainty and revived standards inquiries add political risk to the calculation.

His opponents scent opportunity. The Conservatives, a distant second in Clacton last time, have vowed to fight hard to retake the seat, and a challenge is also expected from Rupert Lowe’s Restore. Labour and the Liberal Democrats have demanded a parliamentary sleaze inquiry into the latest claims.

Kemi Badenoch used a rally in central London to accuse Mr Farage of “hiding” from the row and Reform of being “completely distracted by their constant scandals and personal dramas”. The Conservative leader also seized on his apparent reference to Leveson during a heated exchange with a Sky News crew, in which he warned of “serious consequences” over what he called harassment of his family, a claim Sky denies. “He’s hinting at press regulation,” she said. “We should be worried about a Reform government using government power to control the press.”

Mr Farage did secure one notable endorsement. Donald Trump shared an article on Truth Social claiming the British media were running “the 2024 anti-Trump playbook” against him, echoing the Reform leader’s own description of the affair as an “establishment hit job”. The US president is also reported to have telephoned Mr Farage to congratulate him on Sir Keir Starmer’s removal from Downing Street.

Whether Clacton’s voters share that reading will now be tested at the ballot box. If they return him, the investigations resume, and the whole cycle may begin again.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

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Jonathan Price has extensive private sector expertise and working with development agencies globally

A chair to an independent advisory panel that will help shape the remit of a new economic development agency for Wales has been revealed.

Cabinet Minister for Enterprise, Connectivity and Energy, Adam Price, confirmed that Jonathan Lewis has taken up the role.

Mr Lewis has extensive business and leadership experience across major infrastructure and services sectors globally, particularly energy, engineering and construction and technology. He currently chairs the UK’s largest ports operator Associated British Ports (ABP) and is a non-executive director at Adura Energy. He previously held chief executives roles at Capita and Amec Foster Wheeler

Much of Mr Lewis’s career was spent in the energy sector in the United States and in other international markets where he engaged with various national development agencies around the world.

The new agency will focus on attracting inward investment, supporting Welsh businesses to scale, with a focus also on innovation. It will be at arm’s length of Welsh Government. The panel will need to consider the level of private sector expertise required to run the organisation. It is not clear how many, if any, existing civil servants could transfer into the new body.

The agency will also take on the current business support of the Cardiff Bay administration which is delivered, with external partners, through its Business Wales brand. The panel will also have to consider whether the agency will have its own investment remit so allowing it to provide equity to help support the growth ambitions of businesses.

How the agency aligns with the economic agendas of the four corporate joint committees covering all regions of Wales, as well as local authorities, will also need to be considered by the panel, for which other members are under consideration. There is potential for the agency to work collaboratively with Transport for Wales (TfW), which is a company of Welsh Government.

TfW could take on its own economic development remit, with land assembly powers, to support commercial developments around key transport hubs. When the agency could be launched and initial funding allocations will need to be worked through.

It is unlikely to have the range of remit, from business support to land reclamation, of the Welsh Development Agency, which was abolished by the then Labour Welsh Government of Rhodri Morgan, and its functions brought directly under the civil service, in 2006.

The agency will play a role in helping to achieve the Welsh Government’s key economic goal, while over a decade, of halving Wales’ current in work productivity gap with the UK average.

Mr Price, said: “We have already announced the most ambitious economic goal in Wales in two decades – halving Wales’ productivity gap with the UK within 10 years. To meet that challenge, we need a fundamental change in how we approach economic development in Wales.

“The new agency will be agile, dynamic and built for the Wales of today. Innovation will be at its core -not just new product development, but the spread and adoption of new ideas that make businesses more competitive and improve people’s standard of living.

“I am delighted that Jonathan Lewis has been appointed as chair of the expert advisory panel by the First Minister. The panel’s insight and advice on the operating model of the new agency will be crucial.

“This agency isn’t about recreating the past. It’s about building something that can stand out globally while connecting effectively with communities and businesses right across Wales. Today marks a key milestone in the journey to making Wales the best place in the United Kingdom to start, grow and invest in a business.”

Mr Lewis said: “Improving Wales’ productivity is core to realising our future prosperity as a nation. I am delighted to have been asked by the First Minister to chair a panel of senior advisers charged with advising on how a new innovation and development agency can underpin this objective.”

Joshua Miles, head of FSB Wales, said:“Bringing business support, export promotion and inward investment together under one development agency could help simplify Wales’ fragmented support landscape and make it easier for small firms to get the help they need.

“We welcome the establishment of the expert group and the appointment of Jonathan Lewis as its chair, but businesses cannot afford years of discussion about structures and processes. The Welsh Government must move quickly from design to delivery, with a clear implementation timeline, clarity on how business support will be strengthened, and a multi-year funding settlement.

“Small businesses make up the majority of Welsh businesses so their experiences, needs and ambitions must be embedded in the agency from the outset, including through the membership of the expert group. That is the only way it will deliver lasting growth for communities across Wales.”

A Hampshire defence entrepreneur has thrown down the gauntlet to Andy Burnham, urging the Labour leadership frontrunner to make this month’s Farnborough International Airshow one of his first engagements, potentially on his first day in Downing Street.

Andrew Barnett, managing director of Fareham-based Barnbrook Systems and chair of the South Central Regional Defence and Security Cluster, says the Makerfield MP’s attendance at the global showcase, which runs from 20 to 24 July, would send an unmistakable signal that the next occupant of Number 10 is serious about national security, the economy and UK plc.

The intervention comes at a moment of extraordinary political flux. Potential candidates for the Labour leadership have from 9 to 15 July to secure the backing of 81 MPs, and until 16 July to gather nominations from affiliated bodies such as trade unions. If only one candidate clears the threshold, the new leader will be confirmed at a special Labour conference on Friday 17 July before being appointed Prime Minister, three days before the airshow opens. A contested race would push the result to a members’ ballot concluding on 29 August.

“Andy Burnham must tie his colours to the mast,” said Barnett, who also sits on the board of the Farnborough Aerospace Consortium. “The opening day of the airshow on July 20 may be his very first day in office if he stands unopposed for PM, yet that will make it even more important that he attends.

“No doubt he will have an overflowing in-tray, but defence, keeping our country and its people safe, and greater defence spending must be at the very top of his list of priorities.

“Equally, if other candidates are standing and the date for the Labour leadership contest is pushed back, it is critical that they attend too, as a statement of intent of how important defence will be when they take office.

“The world is becoming increasingly unstable while warfare is rapidly evolving before our eyes. The UK must have the technology, investment and supply chains to support our own military and those of our allies.”

Barnett confirmed he has written to Burnham setting out the case for attending and has invited him to meet, an offer he says will be extended to any rival candidates who emerge. Burnham has already begun courting the business vote, recently signalling room for movement on tax alongside a pledge to cut business rates for pubs and high street firms, but the defence sector will want to see that warmth extended to Britain’s security industrial base.

The stakes for suppliers are considerable. The government’s Strategic Defence Review committed the UK to spending 2.5 per cent of GDP on defence from 2027, and ministers have since moved to give small defence firms easier access to MoD contracts through a dedicated growth unit. SMEs such as Barnbrook will be watching closely to see whether a new Prime Minister keeps that momentum going.

There is precedent for prime ministerial attendance. Barnett met Sir Keir Starmer shortly after his election at the 2024 airshow, which yielded £13 billion in deals for the UK aerospace industry. Following Sir Keir’s resignation announcement, Barnett called on his successor to place pro-business policies at the heart of the government’s economic plan.

This year’s show, held every two years and built around the pillars of Advancing Aerospace, Propelling Defence and Pioneering Space, is expected to be the biggest yet. Organisers are forecasting record visitor numbers, with six exhibition halls instead of five, expanded flying and static displays and a notably strong showing from defence companies, a reflection of a sector that, according to ADS Group figures, now sits within industries contributing more than £42 billion a year to the UK economy.

Barnbrook Systems will exhibit for the 16th consecutive time, from the Farnborough Aerospace Consortium stand in Hall 1, UK Village, Stand 1317. The global solutions provider, which serves the defence, aviation and aerospace markets, will showcase new and upgraded technology and services.

The firm specialises in Intelligent Internet of Things (IIoT) technology alongside Maintenance, Repair and Overhaul (MRO) work that breathes new life into older defence assets. That includes supply solutions for engine controls and flight actuators on fighter aircraft still in active service around the world, among them the Tornado, Jaguar, Hawk and Sea Harrier, as well as temperature monitors and rotary variable differential transformers.

Barnbrook, which holds both Federal Aviation Administration and Civil Aviation Authority accreditations, recently landed a seven-figure, ten-year contract to supply and maintain relays on Rolls-Royce marine engines across a friendly foreign navy’s entire destroyer fleet. Its BlueCube-enabled IIoT refuelling switches for Leonardo helicopters have transformed the safety and efficiency of inflight refuelling, and it will also demonstrate its E:BAG fire suppression system for lithium-ion battery fires in phones, tablets, power banks, laptops and vapes.

With almost 50 staff and offices in the United States and Europe, the Fareham firm punches well above its weight as both prime contractor and subcontractor to multinationals, the UK MOD and overseas governments.

Whether the next Prime Minister chooses to walk the halls at Farnborough remains to be seen. For Barnett, the calculation is simple: in an unstable world, showing up matters.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

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