Toyota Motor Corp. announced Monday (4/9/00) that it is to increase car production alongside parts procurement in Latin America, says Kyodo News/Associated Press (4/9/00).

The car manufacturer - which sells about 100,000 vehicles per year in the region that accounts for 4.7 per cent of the market - is set to triple local Corolla production from the current 20,000 unit mark annually to 60,000 by 2002.

The automaker also said that is to invest an additional 30 billion yen in Brazil, which will assist in increasing local Corolla production from 15,000 to 45,000 units per year. The report says that the company will build a stamping plant, raising its local content ratio from 60 to 80 per cent.

Toyota is also set to start local production of some Corolla models in Argentina, with imports continuing from Brazil, say the media agencies.

The company says it is to embark upon a cost-cutting effort for its Venezuelan operations, shifting its parts procurement to Europe and the US from Japan.

This step - says the report citing Toyota - is set to strengthen Venezuela's position as a supply base for Corolla exports to both Colombia and Ecuador.