Toyota Invests $90 Million to Expand Russia Factory
Over the next three years Toyota will invest $90 million to expand its factory in the northwestern Russian city of Saint Petersburg.
The new production facilities, including production lines to make body parts and plastic car parts, are due to launch in 2014, the company said on Feb. 2.
The company decided to take this action due to the "expected stable growth of the Russian market."
Toyota opened its Saint Petersburg factory in 2007 and now employs around 1,300 people.
The company has already invested 6.8 billion rubles (US$225 million) in the factory, producing just over 14,000 Camry sedans last year.
In 2011, sales of new cars and light commercial vehicles in Russia went up by 39% compared with 2010, according to the Association of European Businesses.
Copyright Agence France-Presse, 2012
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