Toyota Motor Corporation announced plans to export the U.S.-built Camry sedan to South Korea, following the enactment of the free trade deal between the two countries.
The Japanese automaker has set an export target of around 6,000 Camry vehicles a year, starting in January. The announcement comes after last month Toyota started exporting its Sienna minivan to South Korea as well. It will be the first time Toyota will export the U.S.-built Camry outside North America, as the company faces cost pressures in Japan because of the strength of the Japanese yen.
“The export of thousands of Camry vehicles to South Korea is an important development that builds on the great work of our talented U.S. team members as well as our extensive investments across North America,” Yoshimi Inaba, president and chief operating officer of Toyota Motor North America was quoted as saying by the Detroit News.
South Korea has reduced its tariff on U.S. auto imports from 8 percent to 4 percent and will fully eliminate that tariff in the fifth year. South Korea is also eliminating its 10 percent tariff on trucks. Toyota assembles the Camry at its plant in Georgetown, Kentucky. The plant is Toyota’s largest manufacturing facility outside of Japan, employing nearly 7,000 people.