Thank you for that. There's a lot to add there.
Our investment cycles are a bit different from some of the announcements in this last year and a half, but that doesn't mean we're not actively looking at opportunities in Canada. It certainly doesn't mean we're not committed to the Canadian market and manufacturing cars in Canada.
Today I'm at our manufacturing plant in Cambridge. We're currently launching the new Lexus RX, which is obviously a very prestigious model for us. We'll be starting production on that a bit later this month. That's a significant investment, but we haven't really talked about it publicly. It's not attached to any public funding.
For us the business moves on. We've launched two models in the last year. Our business and our future here are pretty secure and pretty certain, but that doesn't mean we're not looking at other opportunities. Yes, the industry is electrifying. Yes, Toyota is electrifying. We already make hybrids here. We've been making hybrids here for more than a decade. As we transition to greater levels of electrification, whether it's battery electric vehicles, plug-in hybrid vehicles or whatever it happens to be, we're pretty confident that we'll land those investments here.
You need to remember that Toyota is the largest OEM in the world, with the largest OEM in Canada by production volume. We're also 25% of all North American production for Toyota. We'll get ours: We're competitive. We're a competitive operation here.
The IRA is concerning for everybody. Before that was introduced late this summer, I would have said that future investments in Canada, apart from the ones that were already announced by some of the other OEMs in Canada, were going to continue. Right now there's a bit of a pause just to understand what the landscape is going to look like. Assuming that's not a threat and that at some point it gets resolved, I think our future looks very good.