Sep. 04, 2000
TMC to Bolster Latin American Operations
Tokyo―TOYOTA MOTOR CORPORATION (TMC). in a plan to strengthen its localization efforts in Latin America, announced today it will enhance production in Brazil. Argentina and Venezuela. as well as boost parts procurement in the region.
The plan includes an increase in local Corolla production from the current 20,000 units annually to 60.000 units by 2002 to answer the strong demand for Corollas in the three countries mentioned above and to enhance "in-region" exports to the surrounding Latin American markets. This development focuses on strengthening production in Brazil, the region's largest market, and reinforcing a tri-pillar parts-and-other-needs support base that incorporates Argentina and Venezuela.
A by-country description of these advances is as follows
Toyota do Brasil will triple by 2002 its annual Corolla production capacity from the present 15,000 units to accommodate growing sales. It will also build a new stamping plant to further promote local content. Additional investment* will be around 30 billion yen.
Toyota Argentina S.A., while continuing to import Corollas from Brazil, will start making its own Corollas, in addition to the Hilux pickup trucks it produces now.
Toyota de Venezuela Compañia Anónima will make further cost-cutting improvements in its knockdown Corolla production to strengthen Venezuela's position as a Corolla supply base to countries such as Colombia and Ecuador.
*Includes plant and equipment investment, operational investment and others.
For outlines of Toyota do Brasil, Toyota de Venezuela Compañia Anónima and Toyota Argentina S.A., please see the attachment.
