Toyota may expand its production capacity in Russia through the establishment of a joint venture with Japan’s Mitsui Corp. and Russia’s Sollers in Vladivostok in the Russian Far East.
The announcement was made on Monday, just a coupe of days after Ford Motor Co. and Sollers have agreed to launch a 50:50 joint venture called Ford Sollers to produce and distribute Ford vehicles in Russia.
According to Toyota, production will be launched at Sollers’ Vladivostok plant and will be focused initially on only one model – the Toyota Land Cruiser Prado.
The world’s largest automaker will provide parts and train personnel for a venture owned by Sollers and Japanese trading house Mitsui & Co which will aim to build 30,000 Toyota-brand vehicles annually, it said.
Sollers’ existing factory in Vladivostok will be upgraded at a cost of several billion yen (tens of millions of dollars), so that it can assemble some 30,000 Toyota vehicles annually.
Toyota will become the first Japanese carmaker to assemble cars in Russia’s Far East.