Toyota Motor Corporation has decided to build its first car manufacturing plant in Russia in St. Petersburg.
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The new plant, to be located in St. Petersburg’s Shushary district, will have an initial annual production capacity of approximately 50,000 units. The plant will initially produce the Camry – a mainstream seller in Russia – at a rate of about 20,000 units a year for sale through TMC’s Moscow-based sales company, which was established in April 2002 and now has 22 dealers and four service centres. It has not yet been decided what additional models may be built.
The plant – Toyota Motor Manufacturing Russia – is scheduled to start operations in December 2007. Toyota has secured approximately 220 hectares of land to allow for expansion and an initial investment of approximately 15 billion yen is planned, along with the creation of approximately 500 local jobs. The new company will be set up by TMC but the European Bank for Reconstruction and Development (EBRD) will make an additional investment later.
Last year in Russia, Toyota sold 47,000 vehicles.
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By GlobalData
