Toyota Motor Corp. plans to increase production and may build a new plant in Russia, Vedomosti reported, citing unidentified officials.

The Japanese company signed in 2007 an agreement that requires the construction of a plant with capacity to produce as many as 150,000 cars a year, according to the newspaper.

Takeshi Isogaya, who heads Toyota’s Russian business, told Prime Minister Vladimir Putin in St. Petersburg last September that the company will consider building a second plant in Russia; its existing factory can produce only 25,000 cars a year, Vedomosti said.

News source: Bloomberg
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