Japanese
automaker Toyota will soon export vehicles to Mexico from the European Union under
the provisions of a Mexico-EU free trade agreement implemented in July last year,
according to a report in Mexico City daily Reforma relayed by Infolatina.
The agreement allows automakers that do not have manufacturing plants in Mexico
to supply up to a combined four percent of the local new car market.
Go deeper with GlobalData
Toyota would have a Mexican import quota of approximately 15,000 units per
year under the terms of the agreement, Reforma business columnist Dario Celis
Estrada reported.
Toyota reportedly is working on plans to establish a subsidiary in Mexico,
which will sell and distribute imported vehicles. The company is likely to be
based in the upscale Mexico City neighborhood of Las Lomas, Celis reported.
Toyota’s Japanese arch-rival Nissan, now controlled by Renault, has had an
assembly plant in Mexico since the 1960s. The factory builds Sentras for the
U.S. and Canada and will shortly start assembling the Renault Scenic for sale
in Mexico.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
