Toyota to end 3-year expansion freeze: sources
It plans to invest 150 billion yen to build 2 new plants in Mexico and China
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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.
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