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Business news, 11.12.2006 11:59

Toyota to complete construction of plant in Petersburg in Feb 2007

Toyota The Japanese Toyota company will complete the construction of a car assembly plant in St. Petersburg in February 2007, and may start the installation of technological equipment on March 1, head of the Toyota Motors Corporation company's St. Petersburg-based office Ichiro Chiba told the city governor Valentina Matviyenko during their visit to the plant's construction site.

In his words, the new assembly plant will produce its first car in the last week of December 2007.

In the near future, the plant's personnel to be increased from 112 to 600 to provide the first stage production. Firstly, the plant is expected to assembly about 50,000 cars per a year and will increase the index to 100,000 per annum in the future.

Preliminary investments in the project will make about four billion roubles. The European Bank for Reconstruction and Development is expected to make additional investments in the project.

According to Chiba, "if the first stage is successful, Toyota will consider the possibility to enlarge the production to 200,000-300,000 cars per year."

The company also plans to build another facility for manufacturing car seats, press forging and a full testing range at Toyota's ground in Shushary near St. Petersburg.

In October 2004, Toyota announced its plans to construct the car assembly plant in Russia.

In April 2005, the company and Russia's Ministry of Economic Development and Trade signed a memorandum of intent.

In June 2005, a cornerstone was laid.

The construction works are carried out within the original schedule.

The company executives are confident that the assembling of cars will start just on time.

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