Japanese automaker Toyota Motor (TMC) is planning to invest JPY7bn ($91.43m) to expand the capacity of its St. Petersburg plant in Russia over the next three years.
The investment will see Toyota Motor Manufacturing Russia (TMMR), TMC's Russian subsidiary, add stamping and resin-molding processes to its vehicle production plant in St. Petersburg.
The new processes will be added to the plant's current welding, painting, and assembly processes to further promote localization in Russia where demand is expected to continue to grow.
The new production line which will make body parts and plastic car parts is scheduled to be launched in 2014.
TMMR president Yoshinori Matsunaga said this decision is the result of high consumer evaluations of TMMR-produced 'Camry' vehicles.
"The added production processes, while contributing to the development of industry in St. Petersburg, will also serve as an important step in expanding the future of Toyota production," Matsunaga said.
TMC started operations at the RUB5bn St. Petersburg plant in December 2007 and has a production capacity to build 50,000 vehicles a year.
It currently employees 1,300 people and produces 20,000 vehicles, which included 14,000 Camry sedans in 2011.
News source: Part of Progressive Digital Media Group Pl
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Business news archive for 07 February' 2012.
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