Toyota Motor Corp’s future plan is to invest extra $90 million over the next three years, at its St. Petersburg factory for stamping and resin-molding processes needed to the Camry sedan production.
“The Toyota Motor Manufacturing Russia company announces its plans to expand production at the factory in Saint Petersburg,” the company said, adding it would invest around 2.7 billion rubles ($89.3 million) through 2014.
The new production line to make body parts and plastic car parts is to be launched in 2014. This decision has been made due to the stable growth of the Russian market.
“This decision is the result of high consumer evaluations of TMMR-produced ‘Camry’ vehicles. The added production processes, while contributing to the development of industry in St. Petersburg, will also serve as an important step in expanding the future of Toyota production,” said Toyota Motor Manufacturing Russia President Yoshinori Matsunaga.
The Toyota factory from Saint Petersburg was opened in 2007 and it now has 1,300 employees. 6.8 billion rubles (around $225 million) have already been invested in the factory, which produced more than 14,000 Camry sedans in 2011. This meant 39% up compared to 2010.