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#Business:Toyota plans new factories in China and Mexico, say reports

Toyota plans new factories in China and Mexico, say reports.



After five years of little investment, the Japanese carmaker will spend $1.3bn on the new factories which will add 300,000 cars a year to the company’s capacity.


Toyota is launching its first major investment in new car factories for five years with a $1.3bn plan to build new plants in China and Mexico, according to reports.
The cash is aimed at boosting its production capacity by some 300,000 units a year in a bid to better compete with global rivals, the Japanese business daily Nikkei said.
The world’s largest carmaker expects to spend about $1.3bn on the new facilities, opening them in 2018 in China and 2019 in Mexico, the newspaper added.
It will be Toyota’s first major investment since it began operating a new Thai plant in 2013, when it halted plant construction to focus on honing profitability, the Nikkei and Japan’s public broadcaster NHK said.
The Chinese factory will be built in Guangzhou, where Toyota has a joint venture with Guangzhou Automobile Group producing the Yaris subcompact, the Nikkei said.
The plant will churn out up to 100,000 cars a year, the daily said, adding that Toyota has its eyes on the growing demand for cars among the middle class in China and wants to raise its market share there from 4% by offering more small cars.
In Mexico, Toyota’s factory in the state of Guanajuato will have a maximum output capacity of 200,000 cars a year, the Nikkei said.
The Mexican plant will operate around the clock, building a new version of the Corolla sedan for North America, it said.
Once the new factories are up and running, Toyota’s worldwide production capacity will reach 11m vehicles, it added.
Toyota kept its title as the world’s biggest automaker last year as it announced record sales of 10.23m vehicles, outpacing General Motors and Volkswagen.
A company spokeswoman declined to comment on the reports, saying: “Nothing has been decided.”

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