Toyota invests $90 million to expand Russia factory

Japanese carmaking giant Toyota will invest $90 million over the next three years to expand its factory in the northwestern Russian city of Saint Petersburg.

“The Toyota Motor Manufacturing Russia company announces its plans to expand production at the factory in Saint Petersburg,” the company said, adding it would invest around 2.7 billion rubles ($89.3 million) through 2014.

The new production facilities, including production lines to make body parts and plastic car parts, are due to launch in 2014, the company said.

Toyota said in the statement that it took the decision due to the “expected stable growth of the Russian market.”

Toyota opened its Saint Petersburg factory in 2007 and now employs around 1,300 people.

The company has already invested 6.8 billion rubles (around $225 million) in the factory, producing just over 14,000 Camry sedans last year.

In 2011, sales of new cars and light commercial vehicles in Russia went up by 39% compared with 2010, according to the Association of European Businesses

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