Toyota to end 3-year expansion freeze: sources
It plans to invest 150 billion yen to build 2 new plants in Mexico and China
Add BT as a preferred source
Tokyo
JAPAN'S Toyota Motor Corp will spend about 150 billion yen (S$1.7 billion) to build two new car plants in Mexico and China, two people familiar with its plans said, ending a three-year freeze imposed after unchecked growth lumbered the world's biggest carmaker with too many idle production lines.
Reuters reported in January that plans were in place for new plants in the two countries, awaiting a green light from top management that has now been given. President Akio Toyoda had been cautious about expanding after Toyota was hit by a capacity glut following the global financial crisis.
TRENDING NOW
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
New EC rules to cool prices: MOP doubled to curb flipping, no more deferred payments and more units for first-timers
Singapore Instagram seller must pay Louis Vuitton S$510,000 in damages over counterfeit goods case
Upcoming EC projects that are exempt from new rules get a ‘bonus’, as buyers steer towards them: analysts
