Toyota has pledged to stay profitable in Russia in fiscal year 2015-16.
President and chief executive of Toyota in Europe Didier Leroy said, “Many carmakers now say there is no way – people will lose money in Russia. And we say no way – we will not lose money in Russia [in the 2015/6 financial year].
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“We trust in the market, even though we know there is a lot of uncertainty in the short and even midterm,” he added. He also said that unlike Renault-Nissan and General Motors halting production at their plants in Russia, Toyota has not stopped at its St Petersburg plant.
The company manufactured 36,000 vehicles at the plant in 2014. It aims to double this by 2016 by commencing production of Rav 4 SUV at the facility. Additionally, Toyota plans to raise domestic parts production, The Financial Times reported.
Toyota’s Russian sales increased 6.2% to 181,000 units in the last fiscal year.
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