Toyota Argentina (TASA), a vehicle production and sales subsidiary of Japanese automaker Toyota Motors (TMC), is set to invest $800m to increase the annual production capacity of its Zarate Plant from the current 92,000 units to 140,000 units by the end of 2015.
This investment is a part of the company's effort to address the expected growth in demand in Latin America. The company will also increase its exports from the plant to approximately 110,000 units annually.
In 2012, TASA exported about 63,000 vehicles, nearly 70% of its total production, to many Latin American countries including Brazil, Colombia, Paraguay and Uruguay.
Toyota Latin America and the Caribbean chief executive officer Steve Angelo was quoted by The Wall Street Journal as saying: "This is just one more example of the confidence that Toyota Motor Corp. has in Argentina."
Recently, Toyota Motor Manufacturing Russia (TMMR) announced plans to start the production of its current generation Toyota RAV4 model at its manufacturing facility in Saint Petersburg, Russia, from 2016.
The production of this new model will see an investment of RUB5.2bn (EUR135m) and is expected to create 800 new jobs in the initial stage. This new production is destined for Russia and Belarus.
